Okta will enter the S&P 500 before trading opens on November 4, replacing Kenvue, index administrator S&P Dow Jones Indices announced October 30.
The change moves Okta out of the S&P MidCap 400 and starts a sequence of replacements across three indexes. Glaukos will move from the S&P SmallCap 600 into the MidCap 400 in Okta's place. McGrath RentCorp will take Glaukos's SmallCap 600 position.
A separate SmallCap 600 change will add Loar Holdings and remove LiveRamp Holdings. All of the announced changes have the same November 4 effective date.
S&P tied Kenvue's removal to its pending acquisition by Kimberly-Clark, which is already an S&P 500 constituent. The administrator said the transaction was expected to close soon, subject to final closing conditions.
LiveRamp is being acquired by Publicis Groupe, according to the announcement. S&P likewise described that deal as awaiting final closing conditions.
The changes span several industry classifications. S&P lists Okta in information technology and Kenvue in consumer staples. Glaukos is classified in health care; McGrath RentCorp and Loar Holdings are industrials constituents. LiveRamp is classified in information technology.
Sources S&P Dow Jones Indices — October 30 index-change announcement: https://www.prnewswire.com/news-releases/okta-set-to-join-sp-500-others-to-join-sp-midcap-400-and-sp-smallcap-600-302925405.html