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||3.88%||3.98%|
|15 yr fixed||3.02%||3.03%|
|30 yr refi||3.99%||4.09%|
|15 yr refi||3.12%||3.13%|
Today's featured rates:
America hasn't had routine 4% economic growth since the 'Golden Age' of the 1950s and 60s. More
Facebook patented a technology to allow lenders to survey your friends' credit scores and use them to approve or reject your loan application. More
Candle-Lite is committed to manufacturing in America -- which is a good thing because it contributes more than $300 million to Ohio's economy. More
You can't blame it on the economy anymore. More Millennials now have jobs, but are still living at home. More