NEW YORK (CNNMoney) -- The Nasdaq-100 index will be rebalanced to reduce the weight of Apple's stock by about 40%, Nasdaq OMX announced Tuesday.
The changes will bring Apple in line with Nasdaq rules that require a rebalancing whenever a single stock makes up more than 20% of the index.
Apple (AAPL, Fortune 500) currently represents 20.5% of the index, even though there are 99 other stocks in the index. When this change goes into effect on May 2, Apple's weight will be reduced to 12.3%.
The rebalancing will increase the weight of other tech stocks, including Microsoft and Google. Microsoft (MSFT, Fortune 500) will make up 8.3% of the index, more than double the current 3.4%. Google (GOOG, Fortune 500)'s weight in the index will rise to 5.8% from 4.2%.
Most of the other stocks make up less than 1%.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||3.99%||4.00%|
|15 yr fixed||3.06%||3.11%|
|30 yr refi||4.00%||4.09%|
|15 yr refi||3.08%||3.20%|
Today's featured rates:
Code.org's new tutorial teaches kids to write computer code to get Disney's Elsa and Anna to ice skate around the computer screen. More
Warren called it "hypocritical" for the White House to oppose corporate inversions but nominate a person who has worked in this area. More