Palantir, Dell to join S&P 500

By Claudia Assis

American Airlines and Etsy slide to smaller-cap indexes, making room for the two IT giants

Palantir Technologies Inc. and Dell Technologies Inc. are set to join the S&P 500 index within a couple of weeks, index provider S&P Dow Jones Indices said late Friday.

Shares of Palantir (PLTR) and Dell (DELL) rallied in the extended session Friday after the news, gaining nearly 8% and 7%, respectively. The announcement is part of several changes slated to take place on Sept. 23 as part of a scheduled index rebalancing.

Also joining the S&P 500 SPX, the benchmark U.S. large-cap index, is insurance company Erie Indemnity Co. (ERIE)

The three companies will replace American Airlines Group Inc. (AAL), Etsy Inc. (ETSY) and Bio-Rad Laboratories Inc. (BIO) in the S&P 500.

American Airlines and Bio-Rad will slide over to the S&P MidCap 400 MID while Etsy will move to the S&P SmallCap 600 SML.

"The changes ensure each index is more representative of its market-capitalization range," S&P Dow Jones Indices said.

An index rebalancing in June saw cybersecurity company CrowdStrike Holdings Inc. (CRWD), private-equity giant KKR & Co. Inc. (KKR) and web host GoDaddy Inc. (GDDY) join the S&P 500.

-Claudia Assis

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09-06-24 1758ET

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