NEW YORK, September 5, 2026, 9:15 a.m. EDT — The Trade Desk NASDAQ:TTD will leave the S&P 500 only 430 days after joining it. Its shares have lost 82.0% since their first day in the benchmark. A celebrated promotion became a brief stay.
S&P Dow Jones Indices announced the removal after Friday’s close. The advertising-platform company moves into the S&P SmallCap 600 before trading opens September 21. Everpure NYSE:P takes a place in the large-cap index.
The shift creates two opposing mechanical trades. S&P 500 trackers must relinquish TTD, while small-cap funds need the shares. The larger pool sits on the selling side.
The S&P 500 stay traces an 82% slide
TTD daily closes from its July 18, 2025 entry through Friday
The rebalance was announced after the cash session. Friday’s drop therefore preceded the index decision.
As of . Daily closes and session data: Yahoo Finance. Entry date: S&P Dow Jones Indices.
Timing sharpens the contrast. S&P promoted The Trade Desk on July 18, 2025, when the stock closed at $80.21. Friday’s $14.43 finish puts the company near a $6.8 billion equity value.
Friday’s 4.37% drop happened before the rebalance news. Nearly 24.8 million shares changed hands. The first clean market verdict must wait until Tuesday because Monday is Labor Day.
The ticker moves down one index tier
Scheduled before the September 21 opening bell
The direction of net passive demand is likely negative because the S&P 500 attracts a much larger asset base. Exact share volume remains unknown.
Index destinations and timing: official September rebalance release. Market value uses Friday’s close.
The committee gave no company-specific critique. It said the changes keep each index representative of its market-cap range. TTD remains publicly traded on Nasdaq after the move.
Fundamentals explain why the capitalisation shrank. Second-quarter revenue rose just 3% to $715.1 million. Net income fell 29% to $64.4 million.
Chief Executive Jeff Green conceded the shortfall. “This quarter did not meet the standard we set for ourselves,” he said in August. The company guided third-quarter revenue to at least $650 million.
Management is now cutting roughly 15% of its workforce. A new SEC filing estimates $39 million to $51 million of cash charges. Completion is expected during the third quarter.
Wall Street disagrees on the cure. Jefferies analyst James Heaney called the cuts a “reaction to a sudden revenue slump.” His firm kept a Hold rating and $12 target.
Rosenblatt saw potential expense relief and stayed Neutral. Truist retained Hold with a $16 target. It estimated annual savings of $100 million to $150 million.
The wider analyst range remains unusually broad. A current S&P Global compilation puts consensus at Hold and $13.39. Recent calls span Needham’s $19 Buy to Exane BNP Paribas’ $10 Sell.
Index deletion changes ownership mechanics, rather than advertising demand. A leaner cost base could lift margins if revenue stabilises. Reduced sales capacity could also deepen the slowdown.
Risks: Forced selling may crowd the September 18 close ahead of effectiveness. Short covering could reverse that pressure. Execution, client retention and holiday-quarter spending will matter far longer.
Tuesday brings the first price response. September 21 brings the fund reshuffle. The durable test arrives with third-quarter revenue and evidence that fewer employees can protect growth.
