Okta to Join S&P 500 as Indexes Shuffle Post-M&A; Glaukos, McGrath, Loar Move Up

S&P Dow Jones Indices announced changes to its major US equity indexes that will take effect prior to the market open on Wednesday, November 4, 2026. Okta (NASDAQ: OKTA) will be added to the S&P 500, replacing Kenvue (NYSE: KVUE). This step is part of a broader reshuffle connected to the pending acquisitions of Kenvue and LiveRamp Holdings (NYSE: RAMP). In turn, Glaukos (NYSE: GKOS), McGrath RentCorp (NASDAQ: MGRC), and Loar Holdings (NYSE: LOAR) will move into new roles across the S&P MidCap 400 and S&P SmallCap 600.

Okta to Replace Kenvue in the S&P 500

Okta's inclusion in the S&P 500 reflects its new standing among the largest public companies in the United States. The company will be moving up from the S&P MidCap 400, where it was previously listed. Okta will replace Kenvue in the S&P 500, as Kenvue is set to be acquired by Kimberly-Clark (NASDAQ: KMB), a deal described by S&P Dow Jones Indices as expected to be completed soon, pending final closing conditions. Okta operates in the Information Technology sector and will join the S&P 500’s roster effective November 4, 2026.

MidCap and SmallCap Changes: Glaukos, McGrath, and Loar

With Okta departing the S&P MidCap 400 for the S&P 500, Glaukos will take Okta’s place in the S&P MidCap 400. Concurrently, McGrath RentCorp will move up to the S&P SmallCap 600, replacing Glaukos, which is shifting to the MidCap 400. Additionally, Loar Holdings will join the S&P SmallCap 600, replacing LiveRamp Holdings, which is being acquired by Publicis Groupe SA (Euronext Paris: PUB), subject to the completion of that transaction.

The changes are summarized as follows (all effective November 4, 2026):

• Okta will be added to the S&P 500, replacing Kenvue (Information Technology/Consumer Staples)
• Glaukos will be added to the S&P MidCap 400, replacing Okta (Health Care/Information Technology)
• McGrath RentCorp will be added to the S&P SmallCap 600, replacing Glaukos (Industrials/Health Care)
• Loar Holdings will be added to the S&P SmallCap 600, replacing LiveRamp Holdings (Industrials/Information Technology)

M&A Drives Index Adjustments

These index changes are the result of recent and pending merger activity involving Kenvue and LiveRamp Holdings. Kimberly-Clark is acquiring Kenvue, and Publicis Groupe SA is acquiring LiveRamp Holdings. According to S&P Dow Jones Indices, both deals are pending final closing conditions. Upon completion, the companies will be removed from their respective indexes and replaced as detailed above.

The index review process takes into account market capitalization, sector, and eligibility criteria. These adjustments ensure the indexes remain fully invested and representative of the appropriate size and sector distribution of the US public equity market.

Implications and Market Context

Index changes such as these can prompt portfolio adjustments for funds that track the S&P indexes. This often leads to rebalancing trades in the market as funds align portfolio holdings with the newest index constituents. Companies added to the S&P 500, MidCap 400, or SmallCap 600 may see changes in short-term trading volume as a result, though these mechanical index changes do not reflect commentary on the companies' fundamentals or future performance.

For more details on the index updates and effective dates, S&P Dow Jones Indices provides information at www.spglobal.com/spdji/en/.

(Source: finance.yahoo.com; S&P Dow Jones Indices press release)