FedEx Freight Holding Company set to join S&P 500

S&P Dow Jones is reshuffling index constituents after corporate actions at FedEx and other firms. FedEx is spinning off FedEx Freight (FDXF), which will take EPAM’s spot in the S&P 500 after the spin-off (deal expected to close June 1). EPAM will move to the S&P SmallCap 600, replacing Shutterstock before the open on June 2. Separately, Dave (DAVE) will replace American Woodmark (AMWD) in the SmallCap 600 ahead of trading on June 1, after MasterBrand’s planned acquisition of American Woodmark (expected to close May 29). These moves will force passive funds and index-tracking strategies to rebalance, likely driving short-term trading flows in the affected names and their ETFs; the FedEx spin-off could also alter valuation/pricing of the parent and new standalone freight unit.