Marvell Technology replaces Campbell's in S&P 500 as index tilts further toward tech

S&P Dow Jones Indices announced on June 5 that Marvell Technology will join the S&P 500, effective before markets open on June 22. The chipmaker replaces The Campbell’s Company, which drops to the S&P SmallCap 600.

Marvell shares climbed approximately 5% in extended trading following the news.

What’s actually changing

The quarterly rebalance isn’t limited to a single swap. Flex Ltd., another Information Technology company, also joins the S&P 500 alongside Marvell. Pool Corp. exits alongside Campbell’s, and both demoted companies will slide into the S&P SmallCap 600.

Marvell designs custom semiconductors and networking chips used in data centers, cloud computing, and enterprise infrastructure. Flex is a global contract manufacturer serving industries from automotive to healthcare to cloud.