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 – EPAM

-0.25%

-0.25% Session close to close

In the May 28 session, EPAM declined 0.25%, reflecting a mild negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details EPAM’s removal from the S&P 500 and addition to the S&P SmallCap 600, a sh...

Analysis

This announcement details EPAM’s removal from the S&P 500 and addition to the S&P SmallCap 600, a shift that changes its index-tracking investor base but not its underlying business fundamentals. In context, EPAM recently delivered Q1 2026 revenue of $1.400 billion with rising EPS and set 2026 revenue and EPS guidance. Investors may monitor how this index reclassification interacts with recent earnings momentum and ongoing AI partnership initiatives.

Key Figures

Q1 2026 Revenue: $1.400 billion GAAP diluted EPS: $1.52 Non-GAAP diluted EPS: $2.86 +5 more

8 metrics

Q1 2026 Revenue $1.400 billion EPAM Q1 2026 results

GAAP diluted EPS $1.52 EPAM Q1 2026, up ~19% YoY

Non-GAAP diluted EPS $2.86 EPAM Q1 2026, up ~19% YoY

Revenue growth guidance 4.0%–6.5% EPAM full-year 2026, 2.5%–5.0% organic

GAAP EPS guidance $8.29–$8.59 EPAM full-year 2026 outlook

Non-GAAP EPS guidance $12.98–$13.28 EPAM full-year 2026 outlook

LTIP share increase 4,000,000 shares Expansion of 2025 Long Term Incentive Plan

ESPP share increase 650,000 shares Increase to 2021 Employee Stock Purchase Plan

Historical Context

5 past events · Latest: May 07 (Positive)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 07	Q1 2026 earnings	Positive	-2.5%	Revenue and EPS grew solidly with raised full-year 2026 guidance.
May 06	AI partnership	Positive	-2.4%	Announced multi-year Anthropic partnership and large-scale Claude certification plans.
May 05	AI product showcase	Positive	-0.9%	Showcased production-ready AI-powered ServiceNow development with sizable efficiency gains.
Apr 22	Industry awards	Positive	-2.9%	Received two 2026 Google Cloud Partner of the Year awards for sustainability and databases.
Apr 07	Earnings date set	Neutral	-3.1%	Announced schedule for Q1 2026 earnings release and conference call.

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

Pattern Detected

Recent positive operational and partnership news has repeatedly seen negative next-day price reactions, indicating a pattern of selling into good news.

Recent Company History

Over the past two months, EPAM reported solid Q1 2026 results with $1.400 billion revenue and higher GAAP and non-GAAP EPS, announced a multi-year Anthropic AI partnership, showcased AI-powered ServiceNow solutions, and won two 2026 Google Cloud Partner of the Year awards. Despite these seemingly positive milestones, shares declined after each event, suggesting investors have consistently sold into favorable headlines ahead of today’s index reclassification announcement.

Key Terms

s&p 500, s&p smallcap 600, spin-off, gics sector

4 terms

s&p 500 financial

"FedEx Freight Holding Company (NYSE: FDXF) will replace EPAM Systems Inc. (NYSE: EPAM) in the S&P 500"

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

"Dave Inc. (NASD: DAVE) will replace American Woodmark Corp. (NASD: AMWD) in the 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.

spin-off financial

"FedEx Corp. (NYSE:FDX) is spinning off FedExFreight Holding in a transaction expected to be completed June 1."

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

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
spdji.comms@spglobal.com 

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.