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 – MBC

-2.47% 2.0x vol

51 alerts

-2.47% Session close to close

+8.8% Peak in 6 hr 19 min

$1.20B Market Cap

2.0x Rel. Volume

In the May 28 session, MBC declined 2.47%, reflecting a moderate negative market reaction. Argus tracked a peak move of +8.8% during that session. Our momentum scanner triggered 51 alerts that day, indicating high trading interest and price volatility. Trading volume was elevated at 2.0x the daily average, suggesting increased selling activity.

Data tracked by StockTitan Argus on the day of publication.

Market Context

This announcement details S&P index changes tied to corporate actions, including MasterBrand’s plann...

Analysis

This announcement details S&P index changes tied to corporate actions, including MasterBrand’s planned acquisition of American Woodmark, which prompts American Woodmark’s removal from the S&P SmallCap 600. For MasterBrand, this follows a stretch of weaker results, such as Q1 2026 net sales of $618.0M and a net loss of $15.4M, alongside regulatory progress toward closing the merger. Investors may watch deal completion, subsequent integration updates, and future earnings for direction.

Key Figures

Effective date: June 1, 2026 Effective date: June 2, 2026 Price change: 12.71% +3 more

6 metrics

Effective date June 1, 2026 Index changes for Dave, American Woodmark, FedEx Freight

Effective date June 2, 2026 Index changes for EPAM Systems and Shutterstock

Price change 12.71% MBC 24h move prior to article

Volume vs avg 2.17x Today’s volume vs 20-day average for MBC

52-week range $6.605–$14.22 MBC 52-week low and high

Price vs high -34.53% MBC vs 52-week high before index-related news

Historical Context

5 past events · Latest: May 05 (Negative)

Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 05	Q1 2026 earnings	Negative	-8.7%	Weaker Q1 2026 sales, net loss and cautious guidance drove an earnings selloff.
Apr 29	Community sponsorship	Positive	-3.3%	Habitat for Humanity sponsorship and branding support saw shares trade lower afterward.
Apr 07	Earnings date notice	Neutral	+2.1%	Announcement of Q1 2026 earnings release and call details preceded a modest rise.
Feb 10	FY 2025 earnings	Negative	-12.7%	Q4 loss, soft outlook and cost actions update coincided with a double‑digit drop.
Jan 29	Trade show partnership	Positive	+0.8%	KBIS 2026 collaboration with Cambria and product showcase led to a small gain.

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

Pattern Detected

Both recent earnings releases were followed by double‑digit or high‑single‑digit declines, while partnership and branding news drew modest or negative reactions, suggesting the stock has been sensitive to fundamental misses and cautious outlooks.

Recent Company History

Over the last six months, MasterBrand has reported softer fundamentals, with Q4 2025 net sales of $2.7B for the year and Q1 2026 net sales of $618.0M, both followed by share price declines of -12.74% and -8.66%, respectively. Corporate initiatives such as the Cambria collaboration and Habitat for Humanity sponsorship produced relatively muted stock moves. Against this backdrop, today’s strong gain alongside progress toward acquiring American Woodmark and related index reshuffling marks a contrast with prior largely fundamentals-driven selloffs.

Key Terms

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

4 terms

s&p 500 financial

"changes to the S&P 500, S&P SmallCap 600: FedEx Freight Holding Company..."

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

"changes to the S&P 500, S&P SmallCap 600: FedEx Freight Holding Company..."

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..."

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 technical

"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.