NASDAQ on Tuesday announced about changing the weighting of stocks in its NASDAQ 100 index, a move that seemed to affect Apple and Microsoft the most.
"For e.g., before the realignment Apple had a market value that is 46% larger than Microsoft, but a weight in the NASDAQ that was some six times as large. Following the realignment, the weight difference has been reduced to about the same as its market value, the apparent intention of the stock index."
Apple's share of the NASDAQ 100 would change from 20.49% to 12.33%, while Microsoft's would increase from 3.41% to 8.32%. These were the largest changes percentage-wise in weighting. Oracle, Intel, and Cisco also saw their weight in the index at least double.
The changes were necessary due to the fact that the index had not been realigned in quite some time amid the rapidly changing nature of the tech landscape.
While shares of Apple fell about 3 percent in early trading on Tuesday, it recovered to trade essentially flat at the close. Shares of Microsoft were up 1 percent.
All changes will take effect on May 2, the NASDAQ said.