The technology sector will enjoy the biggest gain in the Russell 3000 when Russell Investments finalizes its yearly changes to the index's constituent companies on June 22.
Helped by the addition of Facebook and the rise in Apple Inc.'s market capitalization, technology will account for 17% of the widely followed benchmark's overall market capitalization, up from 15.85% as of June 30, 2011, according to a Russell news release Monday. But the sector still will be shy of financial services.
The firm's preliminary list of 197 additions and 125 deletions from the Russell 3000 can be found on its website.
Financial services companies will account for 62 of those additions, keeping that market sector the biggest in the Russell 3000 at 17.1% of the index's overall market capitalization, up incrementally from 16.95% as of June 30, 2011.
Russell Investments noted that the combined market capitalization of the Russell 3000, which accounts for roughly 98% of the investible U.S. equity universe, fell 5.4% to $15.8 trillion as of May 31, 2012, from $16.7 trillion a year earlier.
Reflecting sharper declines in markets such as Europe, the firm noted the market capitalization of its Russell Global index tumbled 15.3% to $44.2 trillion as of May 31, from $52.2 trillion the year previous year.
