Live Markets: Who's next for the S&P 500? The clock is ticking

Astera Labs

31/07/2026 17:16

Main U.S. indexes modestly green
Consumer Discretionary up most among S&P sectors; Materials weakest group
Euro STOXX 600 index off ~0.1%
Dollar up slightly; U.S. crude gains modestly; gold down >1%; bitcoin off >3%
U.S. 10-year Treasury yield rises to ~4.73%
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WHO'S NEXT FOR THE S&P 500? THE CLOCK IS TICKING
With the buyout of Electronic Arts EA.O set to close around the end of trading on August 4, attention is turning to who will take EA's spot in the S&P 500 .SPX. The next opportunity for the index committee to announce a replacement comes after the market close on Friday at 5:15 p.m. ET.
According to Melissa Roberts, analyst at Stephens, there are 14 eligible candidates for direct S&P 500 inclusion, along with five sizable S&P MidCap 400 .MID members that could be promoted. Technology, Communication Services, Financials, healthcare and Industrials appear the most likely sectors to gain a new S&P 500 member, she said in a note out early Friday.
Roberts sees two scenarios.
Scenario 1: A direct replacement
Bloom Energy BE.N is the largest eligible candidate, with a market capitalization north of $60 billion, making it a strong contender. Roberts' top pick in Communication Services is Reddit RDDT.N, while Astera Labs ALAB.O and Rocket Companies RKT.N are among her preferred candidates in Technology and Financials, respectively.
Scenario 2: A broader index reshuffle
EA's replacement could be handled alongside Resideo Technologies' REZI.N spin-off of ADI Global Distribution, which is expected to begin trading under the ticker ADIG on August 4 and is seen as a likely addition to the S&P SmallCap 600 .SPCY.
In that case, the committee could promote Illumina ILMN.O, the largest S&P 400 member, to the S&P 500. Corcept Therapeutics CORT.O, currently the largest S&P 600 constituent, could then move into the S&P 400, while ADIG would join the S&P 600.
Investors likely won't have to wait much longer to find out which path the committee chooses.
     
(Terence Gabriel)
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