$HON

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

S&P Dow Jones Indices said Honeywell Aerospace Inc. will be added to the S&P 500 and S&P 100 on June 29, replacing Conagra Brands in the S&P 500 and Honeywell International in the S&P 100 after Honeywell International’s planned June 29 spin-off. Conagra will replace Grid Dynamics in the S&P SmallCap 600. National Health Investors will replace Apollo Commercial Real Estate Finance in the S&P SmallCap 600 on June 30. Toast will replace TopBuild in the S&P MidCap 400 on July 1, and IES Holdings wil

Original reporting
Published Jun 23, 2026, 10:45 PM UTC
Analysis
AlphAI AI DeskAI-generated
Added to AlphAI Jun 23, 2026, 11:12 PM UTC. Informational, not investment advice.
How this was made
AlphAI summarizes source reporting and applies a structured AI analysis for relevance, timing, sentiment and ticker impact. Always verify material claims with the original publisher.
AlphAI market briefFinancial news
Primary signal
$HON
Neutral
medium confidence
Mentioned
$HON · $HONA · $CAG · $GDYN · $TOST · $BLD
Relevance
6/10
AlphAI data visualization · based on prnewswire.com
Decision brief

The 30-second read

$HONNeutralMed
01

Why it matters

These are scheduled index reconstitutions with specific effective dates prior to market opens, which can trigger mechanical buying/selling by index-tracking funds and ETFs.

02

Market read

Traders should focus on event-date rebalancing flows around the specified effective opens, especially for the spin-off-related HONA inclusion and HON deletion.

03

What to watch

Spin-off mechanics (HON→HONA) and the separate acquisition overhang (QXO/TopBuild) could dominate any index-flow effect, making direction dependent on broader deal/spin-off sentiment.

Relevance 6/10Novelty 6/10Timing: effective dates prior to the open: June 29 (HONA), June 30 (HON/CAG/ GDYN/NHI/ARI), July 1 (TOST/BLD/IESC/JHG)

Background

S&P Dow Jones Indices announced scheduled constituent changes across the S&P 500, S&P 100, S&P MidCap 400, and S&P SmallCap 600, including a spin-off-related swap for Honeywell Aerospace.

Company-level read

Ticker impact

$HONNeutralMedium confidence
Context

Honeywell International is being replaced in the S&P 100 effective June 30 as part of the planned spin-off of Honeywell Aerospace.

Expected impact

Likely modest, event-driven volatility near June 30; direction uncertain without flow estimates.

Evidence & confidence

The article discloses a specific S&P 100 replacement effective prior to the open on June 30, but provides no magnitude of expected index-tracking flows.

$HONABullishMedium confidence
Context

Honeywell Aerospace will be added to the S&P 500 and S&P 100 on June 29, replacing Conagra Brands in the S&P 500.

Expected impact

Potential near-term upward bias into/at inclusion, with possible volatility around the effective open.

Evidence & confidence

The article specifies addition to S&P 500 & S&P 100 effective Monday June 29, which typically triggers index-tracking buying, but no flow size is provided.

$CAGBearishMedium confidence
Context

Conagra Brands will be removed from the S&P 500 effective June 29 as Honeywell Aerospace replaces it.

Expected impact

Possible mild downward pressure or volatility around June 29 due to mechanical selling.

Evidence & confidence

The article gives an explicit S&P 500 replacement effective prior to the open on June 29, but does not quantify expected fund flows.

$GDYNBearishLow confidence
Context

Grid Dynamics Holdings will be removed from the S&P SmallCap 600 effective prior to the open on June 30.

Expected impact

Likely modest negative/volatile reaction around June 30; direction depends on relative flows to the replacement.

Evidence & confidence

The article states the index deletion timing but provides no details on expected net flows or liquidity impact.

$TOSTBullishLow confidence
Context

Toast will replace TopBuild in the S&P MidCap 400 effective prior to the open on July 1.

Expected impact

Potential short-term upward drift into July 1 inclusion, with event-day volatility.

Evidence & confidence

Inclusion is clearly stated, but the article lacks any flow estimates or market context for magnitude.

$BLDBearishLow confidence
Context

TopBuild will be removed from the S&P MidCap 400 effective prior to the open on July 1.

Expected impact

Possible mild negative/volatile reaction around July 1.

Evidence & confidence

The index change is specified, but no additional fundamental catalyst magnitude is provided for BLD beyond the related acquisition mention.

$QXONeutralLow confidence
Context

Toast’s replacement of TopBuild coincides with QXO acquiring TopBuild in a deal expected to close soon.

Expected impact

Potential incremental support if acquisition expectations rise; otherwise limited impact from index mechanics.

Evidence & confidence

The article mentions QXO acquiring TopBuild, but does not provide deal terms or new closing certainty beyond 'expected to close soon'.

$IESCBullishLow confidence
Context

IES Holdings will replace Janus Henderson Group in the S&P MidCap 400 effective prior to the open on July 1.

Expected impact

Possible short-term upward bias into/at July 1 inclusion; volatility likely.

Evidence & confidence

The index inclusion timing is explicit, but no flow magnitude or market expectations are provided.

Market effects

Reconstitution is company-specific (industrial/healthcare/financials/tech) with limited sector-level read-through.

Primarily US passive/benchmark flow effects; no direct regional macro signal.

Limited global relevance beyond potential cross-border index-tracking funds holding these constituents.

Counterpoint

Index changes may be largely anticipated by systematic rebalancing desks, so price impact could be muted versus typical inclusion/deletion effects.

Key entities

  • Honeywell Aerospace Inc.

    Added to the S&P 500 & S&P 100 on June 29; replaces Conagra Brands in the S&P 500 and Honeywell International in the S&P 100.

  • Honeywell International Inc.

    Removed from the S&P 100 effective prior to the open on June 30 as it spins off Honeywell Aerospace; renamed Honeywell Technologies Inc. and remains in the S&P 500.

  • Conagra Brands Inc.

    Removed from the S&P 500 effective June 29; replaces Grid Dynamics Holdings in the S&P SmallCap 600.

  • Grid Dynamics Holdings Inc.

    Removed from the S&P SmallCap 600 effective prior to the open on June 30.

  • Toast Inc.

    Added to the S&P MidCap 400 effective prior to the open on July 1; replaces TopBuild.

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