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Benzinga

World

Anusuya Lahiri

S&P 500 Sector Re-shuffling Likely To End Tech Dominance

NYSE Mastercard Inc Nasdaq PayPal Holdings Inc Pixabay Visa Inc

S&P 500 will reclassify the sectors of some significant shares in 2023.
Payment processing companies currently classified as tech firms would join the financial industry.
Other tech names providing outsourcing or human resources support would come under industrial stocks.
The dominance of tech stocks in the S&P 500 would likely shrink following the changes, Bloomberg reports.
The tech sector represented 28% of the S&P 500, more than the weighting of the healthcare and consumer-discretionary sectors' weighting.
Now Visa Inc (NYSE:V), PayPal Holdings Inc (NASDAQ:PYPL), and Mastercard Inc (NYSE:MA) would shift from tech to the financial sector marking a significant impact on the sector ETFs that have hefty exposure to these companies an expert suggested.
Photo by sergeitokmakov via Pixabay

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