Live Markets: Stephens' watchlist ahead of S&P's September index shake-up

Cheniere Energy

03/09/2026 17:04

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STEPHENS' WATCHLIST AHEAD OF S&P'S SEPTEMBER INDEX SHAKE-UP
Stephens has identified a watchlist of companies that could be added to, moved between, or removed from S&P Dow Jones Indices when the index provider announces its third-quarter rebalance after the market closes on Friday, September 18.
The brokerage expects discretionary changes to be more likely this quarter. 
     For the S&P 500 inclusion, Stephens' top candidates include Bloom Energy BE.N in industrials, Cheniere Energy LNG.N in energy, and for the technology sector it suggests Astera Labs ALAB.O, Credo Technology CRDO.O and Twilio TWLO.N.
     Healthcare candidates include Royalty Pharma RPRX.O, Alnylam Pharmaceuticals ALNY.O  and Illumina ILMN.O. Other names on its watchlist include MongoDB MDB.O, HEICO HEI.N, TechnipFMC 1T1.F and Okta OKTA.O.
Stephens flags The Trade Desk TTD.O, Builders FirstSource BLDR.N, Norwegian Cruise Line NCLH.N, Molson Coors TAP.N and Mosaic MOS.N as potential S&P 500 demotion candidates.
Index changes can trigger short-term moves. When a company is added to a major benchmark, index-tracking ETFs and mutual funds may have to buy the shares to match the revised index.
Conversely, removals or demotions can prompt passive funds to sell.
Stephens' estimated passive-impact analysis suggests that several potential S&P 500 additions could attract buying demand of tens of millions of shares from index-tracking funds.
For the S&P MidCap 400 insertion, names to watch include HubSpot HUBS.N, Corcept Therapeutics CORT.O, Glaukos GKOS.N, Popular BPOP.O and Oscar Health OSCR.N.
Potential S&P SmallCap 600 additions include PACS Group PACS.N, CCC Intelligent Solutions CCC.O, Workiva WK.N, Freshworks FRSH.O, Arcutis Biotherapeutics ARQT.O, Paymentus PAY.N and Upstart UPST.O.
(Ragini Mathur)
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