Two of our companies got some good news on Monday, Brown & Brown (BRO) and Match Group (MTCH) will be joining the S&P 500 index, along with Ceridian (CDAY), replacing Unum Group (UNUM), NOV (NOV) and Perrigo (PRGO), which will be bumped down to the MidCap 400 (I don’t own those other four, to be clear).

That created a little buying pressure, particularly for Match, and it’s generally good news to be in an index in these days of passive investing, with the S&P 500 being the gold standard and the one that overwhelmingly drives money flows… though that immediate kind of response from retail investors who get excited about the addition to the index does tend to fade after a week or two, all else being equal. There will probably be a little move up from last week’s levels, but that 7% pop on Monday morning will probably fade (this is just going by the averages — that’s what tends to happen with new additions to the S&P 500). MTCH is, interestingly enough, one of the larger companies to be added to the index in recent years (it’s far from being the biggest ever, of course, that’s Tesla (TSLA) by a landslide) — a lot of rebalancing happens because a company shrinks and falls out of the bottom of the S&P 500, whose smallest component these days has a market cap of about $10 billion, or because of mergers and acquisitions or the failure to meet other index criteria (like a good credit rating or profitability), but it’s still a little unusual to see a company added to the index for the first time when it’s already a $40 billion giant. The reason this time? Presumably, it’s that the final divestiture of MTCH from IAC/Interactive Corp (IACI) meant it is now eligible for the first time, since it no longer has a convoluted ownership structure.

The tech surge in recent years has meant that we now have quite a few huge companies who are not in the S&P 500 — the list of companies who haven’t made the index yet but have market caps above $50 billion (according to StockMarketMBA) includes Square (SQ), Snap (SNAP), Mercadolibre (MELI), Airbnb (ABNB), Snowflake (SNOW), Zoom Video (ZM), Uber (UBER), Coinbase (COIN), Dell Technologies (DELL), DoorDash (DASH), Twilio (TWLO), DocuSign (DOCU), Crowdstrike (CRWD) and Workday (WDAY), all familiar ...