FedEx Freight Holding Company Set to Join S&P 500; EPAM Systems and Dave to Join S&P SmallCap 600

Rhea-AI Summary

FedEx Freight Holding (NYSE: FDXF) will join the S&P 500, replacing EPAM Systems (NYSE: EPAM), before trading opens June 2, 2026. EPAM will move to the S&P SmallCap 600, replacing Shutterstock (NYSE: SSTK). Dave (NASD: DAVE) will join the SmallCap 600 on June 1, replacing American Woodmark (NASD: AMWD).

FedEx Corp. (NYSE: FDX) is spinning off FedEx Freight Holding, expected to complete June 1, while MasterBrand (NYSE: MBC) plans to acquire American Woodmark and Shutterstock is anticipated to be acquired.

Positive

• FedEx Freight Holding (FDXF) added to S&P 500 on June 1, 2026
• EPAM Systems (EPAM) added to S&P SmallCap 600 on June 2, 2026
• Dave (DAVE) added to S&P SmallCap 600 on June 1, 2026
• FedEx Corp spin-off of FedEx Freight expected to complete June 1, 2026

Negative

• EPAM Systems (EPAM) removed from S&P 500 on June 2, 2026
• American Woodmark (AMWD) removed from S&P SmallCap 600 on June 1, 2026
• Shutterstock (SSTK) removed from S&P SmallCap 600 on June 2, 2026

News Market Reaction – FDX

-0.09%

-0.09% Session close to close

In the May 28 session, FDX declined 0.09%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement highlights FedEx Freight’s planned inclusion in the S&P 500 as FedEx completes the...

Analysis

This announcement highlights FedEx Freight’s planned inclusion in the S&P 500 as FedEx completes the spin-off, while FedEx itself remains in the index. The change follows months of preparation, including the Form 10 effectiveness and board approval of separation terms. Investors may watch how the new FedEx Freight listing trades, how capital structure changes flow through to the parent, and how management executes on the freight-focused strategy outlined at the April Investor Day.

Key Figures

S&P 500 addition date: June 1, 2026 EPAM S&P 500 removal: June 2, 2026 Dave S&P SmallCap 600 addition: June 1, 2026 +3 more

6 metrics

S&P 500 addition date June 1, 2026 FedEx Freight to join S&P 500 effective before open

EPAM S&P 500 removal June 2, 2026 EPAM to leave S&P 500 and join S&P SmallCap 600

Dave S&P SmallCap 600 addition June 1, 2026 Dave to replace American Woodmark in S&P SmallCap 600

American Woodmark deletion June 1, 2026 Removed from S&P SmallCap 600 due to acquisition

EPAM SmallCap 600 addition June 2, 2026 EPAM joins S&P SmallCap 600 after leaving S&P 500

Shutterstock deletion June 2, 2026 Shutterstock removed from S&P SmallCap 600 ahead of anticipated acquisition

Historical Context

5 past events · Latest: May 13 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 13	Spin-off terms detailed	Positive	-1.8%	Board approval of FedEx Freight spin-off and cash dividend funding structure.
May 11	Form 10 effective	Positive	+0.1%	SEC declares FedEx Freight Form 10 effective, keeping June 1 separation on track.
May 05	AI partnership	Positive	+1.4%	Expanded ServiceNow collaboration using FedEx Dataworks for AI-driven supply chain workflows.
Apr 13	CFO transition	Neutral	-0.5%	CFO to step down around spin-off timing; outlook and 2029 targets reaffirmed.
Apr 08	Investor Day targets	Positive	+4.6%	FedEx Freight Investor Day outlining revenue, operating income, and free cash flow goals.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Recent spin-off and strategic news has often seen price moves align with the generally positive tone, with one notable divergence on the board-approved spin-off announcement.

Recent Company History

Over the last few months, FedEx has focused on the planned separation of FedEx Freight and strategic positioning. Key milestones included the April 8 FedEx Freight Investor Day outlining medium‑term growth and cash flow targets, the CFO transition effective June 1, 2026, and SEC progress with the Form 10 declared effective on May 11, 2026. On May 13, 2026, the board approved the FedEx Freight spin-off and related cash dividend. Today’s S&P index changes reflect that restructuring reaching the index-composition stage.

Key Terms

s&p 500, s&p smallcap 600, gics sector

3 terms

s&p 500 financial

"S&P Dow Jones Indices will make the following changes to the S&P 500, S&P SmallCap 600:"

The S&P 500 is a broad stock market index that tracks the performance of 500 large U.S. companies, weighted so bigger firms have a larger impact. Investors use it like a thermometer or benchmark to judge how the overall U.S. stock market or a portfolio is doing; movements in the index influence investor sentiment, fund performance, and many passive investment products that aim to match its returns.

View in glossary

s&p smallcap 600 financial

"S&P Dow Jones Indices will make the following changes to the S&P 500, S&P SmallCap 600:"

A stock market index made up of 600 small-cap U.S. companies chosen to represent the performance of smaller publicly traded firms. It matters to investors because it acts like a temperature gauge for the small-company segment of the market, serving as a benchmark for fund managers, a basis for index funds and ETFs, and a way to compare returns and risk when building a diversified portfolio.

gics sector financial

"Effective Date | Index Name | Action | Company Name | Ticker | GICS Sector"

GICS sector is one of the major industry groupings from the Global Industry Classification Standard, a system that sorts companies into consistent categories (like Technology or Health Care) based on the primary business they do. Investors use these sectors like folders in a filing cabinet to compare companies, build diversified portfolios, and track how whole parts of the market are performing rather than focusing on single stocks.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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NEW YORK, May 27, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, S&P SmallCap 600: 

• FedEx Freight Holding Company (NYSE: FDXF) will replace EPAM Systems Inc. (NYSE: EPAM) in the S&P 500, and EPAM Systems will replace Shutterstock Inc. (NYSE: SSTK) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, June 2. S&P 500 & 100 constituent FedEx Corp. (NYSE:FDX) is spinning off FedExFreight Holding in a transaction expected to be completed June 1. Post spin-off, the parent FedEx will remain in the S&P 500 and 100. EPAM Systems is more representative of the small-cap market space. Shutterstock is anticipated to be acquired in a deal that is expected to close soon.
• Dave Inc. (NASD: DAVE) will replace American Woodmark Corp. (NASD: AMWD) in the S&P SmallCap 600 effective prior to the opening of trading on Monday, June 1. S&P SmallCap 600 constituent MasterBrand Inc. (NYSE: MBC) is acquiring American Woodmark in a deal expected to close May 29, pending final closing conditions.

Following is a summary of the changes that will take place prior to the open of trading on the effective date:

Effective Date	Index Name	Action	Company Name	Ticker	GICS Sector
June 1, 2026	S&P SmallCap 600	Addition	Dave	DAVE	Financials
June 1, 2026	S&P SmallCap 600	Deletion	American Woodmark	AMWD	Industrials
June 1, 2026	S&P 500	Addition	FedEx Freight	FDXF	Industrials
June 2, 2026	S&P 500	Deletion	EPAM Systems	EPAM	Information Technologies
June 2, 2026	S&P SmallCap 600	Addition	EPAM Systems	EPAM	Information Technologies
June 2, 2026	S&P SmallCap 600	Deletion	ShutterStock	SSTK	Communication Services

ABOUT S&P DOW JONES INDICES

S&P Dow Jones Indices is the largest global resource for essential index-based concepts, data and research, and home to iconic financial market indicators, such as the S&P 500® and the Dow Jones Industrial Average®. More assets are invested in products based on our indices than products based on indices from any other provider in the world. Since Charles Dow invented the first index in 1884, S&P DJI has been innovating and developing indices across the spectrum of asset classes helping to define the way investors measure and trade the markets.

S&P Dow Jones Indices is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies, and governments to make decisions with confidence. For more information, visit www.spglobal.com/spdji/en/.

FOR MORE INFORMATION:

S&P Dow Jones Indices
index_services@spglobal.com 

Media Inquiries
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View original content:https://www.prnewswire.com/news-releases/fedex-freight-holding-company-set-to-join-sp-500-epam-systems-and-dave-to-join-sp-smallcap-600-302783723.html

SOURCE S&P Dow Jones Indices

FAQ

When will FedEx Freight Holding (FDXF) be added to the S&P 500 index?

FedEx Freight Holding (FDXF) is scheduled to join the S&P 500 effective June 1, 2026. According to S&P Dow Jones Indices, the change follows FedEx Corp’s spin-off of FedEx Freight, expected to complete June 1, while FedEx remains in the S&P 500.

What index changes are happening to EPAM Systems (EPAM) in June 2026?

EPAM Systems (EPAM) will move from the S&P 500 to the S&P SmallCap 600 on June 2, 2026. According to S&P Dow Jones Indices, EPAM will replace Shutterstock in the SmallCap 600 and is considered more representative of the small-cap market space.

How is Dave (DAVE) being added to the S&P SmallCap 600 in June 2026?

Dave (DAVE) will be added to the S&P SmallCap 600 effective June 1, 2026. According to S&P Dow Jones Indices, Dave will replace American Woodmark, which is being acquired by MasterBrand in a deal expected to close May 29, pending final conditions.

What happens to American Woodmark (AMWD) in the S&P SmallCap 600 rebalancing?

American Woodmark (AMWD) will be removed from the S&P SmallCap 600 effective June 1, 2026. According to S&P Dow Jones Indices, the deletion is tied to its planned acquisition by MasterBrand, with the deal expected to close May 29, subject to final conditions.

Why is Shutterstock (SSTK) leaving the S&P SmallCap 600 index?

Shutterstock (SSTK) will be deleted from the S&P SmallCap 600 on June 2, 2026. According to S&P Dow Jones Indices, Shutterstock is anticipated to be acquired soon, and its SmallCap 600 slot will be taken by EPAM Systems after its removal from the S&P 500.

Will FedEx (FDX) remain in the S&P 500 after the FedEx Freight spin-off?

FedEx (FDX) will remain a constituent of both the S&P 500 and S&P 100 after the spin-off. According to S&P Dow Jones Indices, only the new FedEx Freight Holding entity (FDXF) is being added as an additional S&P 500 member, following completion of the spin-off.