Cummins Takes Over #117 Spot From ServiceNow

Cummins (CMI) has overtaken ServiceNow (NOW) for the #117 position in the S&P 500 rankings by market capitalization, reflecting a shift in relative company size that can affect index- and fund-level ownership. As of May 12, 2026, Cummins’ market cap is $96.96 billion versus ServiceNow’s $94.33 billion. The note highlights that such market-cap moves can influence which mutual funds and ETFs include a stock (large-cap vs. mid-cap mandates) and may change the companies’ relative weighting within cap-weighted indices. At the close cited, CMI was up about 0.5% while NOW was flat, underscoring that modest price moves drove the ranking change rather than a large price event.