Honeywell Aerospace Set to Join S&P 500 & S&P 100; Others to Join S&P MidCap 400 and S&P SmallCap 600

Rhea-AI Summary

S&P Dow Jones Indices announced multiple index changes effective June 29–July 1, 2026. Honeywell Aerospace (HONA) will join both the S&P 500 and S&P 100 as a spin-off from Honeywell International, while Conagra Brands (CAG), National Health Investors (NHI), Toast (TOST), and IES Holdings (IESC) move into new S&P indices. Apollo Commercial Real Estate Finance (ARI), Grid Dynamics (GDYN), TopBuild (BLD), and Janus Henderson (JHG) will be removed from their current indices.

Positive

• Honeywell Aerospace (HONA) added to S&P 500 and S&P 100
• Conagra Brands (CAG) moves into S&P SmallCap 600
• National Health Investors (NHI) added to S&P SmallCap 600
• Toast (TOST) added to S&P MidCap 400
• IES Holdings (IESC) added to S&P MidCap 400
• Honeywell International remains in S&P 500 as Honeywell Technologies

Negative

• Honeywell International (HON) deleted from S&P 100
• Conagra Brands (CAG) deleted from S&P 500
• Apollo Commercial Real Estate Finance (ARI) removed from S&P SmallCap 600
• Grid Dynamics (GDYN) removed from S&P SmallCap 600
• TopBuild (BLD) removed from S&P MidCap 400 ahead of acquisition
• Janus Henderson Group (JHG) removed from S&P MidCap 400

News Market Reaction – CAG

+1.34%

20 alerts

+1.34% Session close to close

$6.50B Market Cap

0.4x Rel. Volume

In the Jun 24 session, CAG gained 1.34%, reflecting a mild positive market reaction. Our momentum scanner triggered 20 alerts that day, indicating elevated trading interest and price volatility.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement repositions CAG from the S&P 500 to the S&P SmallCap 600, changing its index-const...

Analysis

This announcement repositions CAG from the S&P 500 to the S&P SmallCap 600, changing its index-constituent peer set and potential ownership base. Recent history shows modest moves on news, while moderate short interest near 10% keeps positioning risk relevant for future catalysts.

Key Figures

Index change effective date: June 29, 2026 Index change effective date: June 30, 2026 Index change effective date: July 1, 2026

3 metrics

Index change effective date June 29, 2026 Honeywell Aerospace added to S&P 500 and S&P 100

Index change effective date June 30, 2026 CAG moves from S&P 500 to S&P SmallCap 600; GDYN and ARI deletions

Index change effective date July 1, 2026 TOST and IESC added to S&P MidCap 400; BLD and JHG deletions

Historical Context

5 past events · Latest: Jun 09 (Neutral)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jun 09	Earnings date notice	Neutral	+1.6%	Announcement of timing and format for upcoming fiscal 2026 earnings release.
May 18	Product showcase	Positive	+2.7%	Expanded $3.3 billion snacks portfolio highlighted at Sweets & Snacks Expo.
May 12	Cause partnership	Positive	+0.5%	Folds of Honor partnership with $500,000 donation and 100 scholarships.
May 04	ESG report	Positive	-1.5%	Fiscal 2025 citizenship report detailing sustainability and community progress.
Apr 13	Leadership change	Neutral	-4.4%	Appointment of John Brase as CEO following planned succession transition.

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

Pattern Detected

CAG typically reacts with modest positive moves to corporate and branding news, with only occasional divergences on softer sustainability-focused updates.

Key Terms

spin-off, small capitalization, liquidation, gics sector

4 terms

spin-off financial

"Honeywell International is spinning off Honeywell Aerospace in a transaction expected to be completed on June 29."

A spin-off happens when a company creates a new, independent business by separating part of itself, like splitting off a division into its own company. This often happens so the new company can focus better on its own goals or attract different investors. It matters because it can lead to more growth opportunities and clearer focus for both companies.

View in glossary

small capitalization financial

"Conagra Brands is more representative of the small capitalization space."

Small capitalization describes companies whose total market value — the price of all their outstanding shares added together — is relatively low compared with larger firms. Investors care because these smaller firms can grow faster but also swing more wildly and trade less frequently; like exploring a sleepy small town instead of a busy city, you might discover a hidden gem but face greater uncertainty and fewer buyers when you want to sell.

liquidation financial

"Apollo Commercial Real Estate Finance has announced ongoing liquidation activities"

Liquidation is the process of turning a company’s assets into cash to pay off debts and close the business, often by selling property, inventory or investments. For investors it matters because liquidation determines whether there will be any money left for shareholders after creditors are paid and how much they might recover — like a garage sale where items are sold to settle bills, with leftovers (if any) shared last.

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, June 23, 2026 /PRNewswire/ -- S&P Dow Jones Indices will make the following changes to the S&P 500, S&P 100, S&P MidCap 400, and S&P SmallCap 600: 

• Honeywell Aerospace Inc. (NASD: HONA) will be added to the S&P 500 & 100 on Monday, June 29. Honeywell Aerospace will replace Conagra Brands Inc. (NYSE: CAG) in the S&P 500, and Conagra Brands will replace Grid Dynamics Holdings Inc.(NASD: GDYN) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, June 30. Honeywell Aerospace will replace Honeywell International Inc. (NASD: HON) in the S&P 100 effective prior to the opening of trading on Tuesday, June 30. Honeywell International is spinning off Honeywell Aerospace in a transaction expected to be completed on June 29. Post spin-off Honeywell International will be renamed Honeywell Technologies Inc. and will remain in the S&P 500. Honeywell Aerospace will be more representative of the mega capitalization space. Conagra Brands is more representative of the small capitalization space. Grid Dynamics Holdings is no longer representative of the small capitalization space.
  
  
• National Health Investors Inc. (NYSE: NHI) will replace Apollo Commercial Real Estate Finance Inc. (NYSE: ARI) in the S&P SmallCap 600 effective prior to the opening of trading on Tuesday, June 30. Apollo Commercial Real Estate Finance has announced ongoing liquidation activities and is no longer appropriate for the S&P SmallCap 600.
  
  
• Toast Inc. (NYSE: TOST) will replace TopBuild Corp. (NYSE: BLD) in the S&P MidCap 400 effective prior to the opening of trading on Wednesday, July 1. QXO Inc. (NYSE: QXO) is acquiring TopBuild in a deal expected to close soon, pending final closing conditions.
  
  
• IES Holdings Inc. (NASD: IESC) will replace Janus Henderson Group plc. (NYSE: JHG) in the S&P MidCap 400 effective prior to the opening of trading on Wednesday, July 1. Trian Fund Management LP and General Catalyst Group Management are acquiring Janus Henderson Group in a deal expected to close soon, 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 29, 2026	S&P 100	Addition	Honeywell Aerospace	HONA	Industrials
June 30, 2026	S&P 100	Deletion	Honeywell International	HON	Industrials
June 29, 2026	S&P 500	Addition	Honeywell Aerospace	HONA	Industrials
June 30, 2026	S&P 500	Deletion	Conagra Brands	CAG	Consumer Staples
June 30, 2026	S&P SmallCap 600	Addition	Conagra Brands	CAG	Consumer Staples
June 30, 2026	S&P SmallCap 600	Deletion	Grid Dynamics Holdings	GDYN	Information Technology
June 30, 2026	S&P SmallCap 600	Addition	National Health Investors	NHI	Real Estate
June 30, 2026	S&P SmallCap 600	Deletion	Apollo Commercial Real Estate Finance	ARI	Financials
July 1, 2026	S&P MidCap 400	Addition	Toast	TOST	Financials
July 1, 2026	S&P MidCap 400	Deletion	TopBuild Corp	BLD	Consumer Discretionary
July 1, 2026	S&P MidCap 400	Addition	IES Holdings	IESC	Industrials
July 1, 2026	S&P MidCap 400	Deletion	Janus Henderson Group	JHG	Financials

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
spdji.comms@spglobal.com

View original content:https://www.prnewswire.com/news-releases/honeywell-aerospace-set-to-join-sp-500--sp-100-others-to-join-sp-midcap-400-and-sp-smallcap-600-302808386.html

SOURCE S&P Dow Jones Indices

FAQ

What index changes are happening for Honeywell Aerospace (HONA) on June 29–30, 2026?

Honeywell Aerospace will join both the S&P 500 and S&P 100 in late June 2026. According to S&P Dow Jones Indices, HONA is being added as a spin-off from Honeywell International and is viewed as more representative of the mega-capitalization space.

How does the Honeywell International spin-off affect its S&P index membership (HON) in 2026?

Honeywell International will spin off Honeywell Aerospace and be renamed Honeywell Technologies. According to S&P Dow Jones Indices, the renamed company will remain in the S&P 500, while Honeywell Aerospace will take its place in the S&P 100 index.

Why is Apollo Commercial Real Estate Finance (NYSE: ARI) being removed from the S&P SmallCap 600 on June 30, 2026?

Apollo Commercial Real Estate Finance will be deleted from the S&P SmallCap 600 on June 30, 2026. According to S&P Dow Jones Indices, ARI has announced ongoing liquidation activities and is no longer considered appropriate for inclusion in the S&P SmallCap 600 index.

Which companies are joining the S&P MidCap 400 on July 1, 2026, and what are their tickers?

Toast (TOST) and IES Holdings (IESC) will join the S&P MidCap 400 on July 1, 2026. According to S&P Dow Jones Indices, Toast replaces TopBuild, while IES Holdings replaces Janus Henderson Group, reflecting pending acquisition transactions involving the deleted companies.

What change is occurring for Conagra Brands (CAG) in the S&P indices on June 30, 2026?

Conagra Brands will move from the S&P 500 to the S&P SmallCap 600 on June 30, 2026. According to S&P Dow Jones Indices, Conagra is now viewed as more representative of the small-capitalization space than of the large-cap S&P 500.

Which company will replace Apollo Commercial Real Estate Finance (ARI) in the S&P SmallCap 600 in June 2026?

National Health Investors (NHI) will replace Apollo Commercial Real Estate Finance in the S&P SmallCap 600 on June 30, 2026. According to S&P Dow Jones Indices, NHI will be added to the index’s real estate sector as ARI exits during its liquidation process.

How do the July 2026 S&P index changes relate to acquisitions of TopBuild (BLD) and Janus Henderson (JHG)?

TopBuild and Janus Henderson will be removed from the S&P MidCap 400 on July 1, 2026. According to S&P Dow Jones Indices, QXO is acquiring TopBuild and investor groups are acquiring Janus Henderson, prompting their deletion and replacement by Toast and IES Holdings.