Flex stock heads into S&P 500 debut after volatile shortened week

Flex Ltd. will return from the long U.S. weekend in the S&P 500 after trading as a mid-cap name. Nasdaq shuts down Friday for Juneteenth, so Thursday’s close is the last cash-market price before the index update.

Flex Ltd. will move into the S&P 500 after S&P Dow Jones Indices said late Friday the electronics maker is set to join the index on June 22. Passive funds linked to the benchmark may have to buy shares. Flex replaces The Campbell’s Company. S&P Dow Jones Indices also said Marvell Technology will enter the index, taking the spot from Pool Corp.

Flex is carving out its Cloud and Power Infrastructure unit into a new standalone public company, the latest move meant to let investors more easily track its slice of the AI data center and power-gear market. For now, the spinoff is called SpinCo. Revathi Advaithi, Flex’s current CEO, is set to take the helm at SpinCo, while Michael Hartung, the company’s president, will step in as chief executive at what’s left of Flex.