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%.
Telecommunications manufacturer Qualcomm (QCOM, Fortune 500), currently the second heaviest-weighted issue in the Nasdaq-100 at 5%, will be reduced to a 3.5% weighting.
Most of the other stocks make up less than 1%.
Apple shares slipped 3% in premarket trading. 
| Overnight Avg Rate | Latest | Change | Last Week |
|---|---|---|---|
| 30 yr fixed | 3.80% | 3.88% | |
| 15 yr fixed | 3.20% | 3.23% | |
| 5/1 ARM | 3.84% | 3.88% | |
| 30 yr refi | 3.82% | 3.93% | |
| 15 yr refi | 3.20% | 3.23% |
Today's featured rates:
| Index | Last | Change | % Change |
|---|---|---|---|
| Dow | 32,627.97 | -234.33 | -0.71% |
| Nasdaq | 13,215.24 | 99.07 | 0.76% |
| S&P 500 | 3,913.10 | -2.36 | -0.06% |
| Treasuries | 1.73 | 0.00 | 0.12% |
| Company | Price | Change | % Change |
|---|---|---|---|
| Ford Motor Co | 8.29 | 0.05 | 0.61% |
| Advanced Micro Devic... | 54.59 | 0.70 | 1.30% |
| Cisco Systems Inc | 47.49 | -2.44 | -4.89% |
| General Electric Co | 13.00 | -0.16 | -1.22% |
| Kraft Heinz Co | 27.84 | -2.20 | -7.32% |
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