Apple, Microsoft Dominance on Tech-Stock indexes Grows in Benchmark Overhaul
- The pair’s combined weight dwarfs the rest of tech’s influence
- Visa, Mastercard joining financials index in sector revamp
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Apple Inc. and Microsoft Corp., already dominant in technology-stock indexes, are about to become even more so.
An overhaul of sector benchmarks compiled by S&P Global Inc. and MSCI Inc., which takes effect after the market closes Friday, will remove 11 big US stocks from technology-focused indexes. Payment companies — including Visa Inc., Mastercard Inc., and PayPal Holdings Inc. — will be moved into indexes tracking financial companies, while payroll processors like Paychex Inc. and Automatic Data Processing Inc. will be classified as industrials.