- Total US equity market capitalization of the broad Russell 3000® Index increased 7% to $81.0 trillion as of the October 30 rank date, while the Russell 1000 rose to $77.5 trillion and the Russell 2000 remained broadly unchanged at $3.5 trillion.
- The market capitalization breakpoint between large cap (Russell 1000® Index) and small cap (Russell 2000® Index) rose 1.7% to approximately $5.8 billion, while the cumulative market cap percentile band around the breakpoint widened further in dollar terms.
- Leadership at the top shifted, with Apple retaking the top spot, followed by Nvidia, Microsoft, Alphabet, Amazon.com.
- The “Magnificent Seven” (Apple, Microsoft, Nvidia, Amazon.com, Alphabet, Meta, Tesla) grew just 3% since the June reconstitution, reaching a combined $23.0 trillion in company market capitalization.
- As anticipated with the return to a semi-annual reconstitution schedule, additions were more limited than in June, with 21 companies expected to join to the Russell 1000 and 125 expected to join the Russell 2000. The Russell 2000 additions include 10 companies moving from Russell Midcap, 51 from Russell Microcap and 18 IPO additions.
Today, FTSE Russell, a leading global index provider, published its preliminary lists of companies expected to enter or exit the US broad market Russell 3000® Index and the Russell Microcap® Index, marking the start of the December 2026 semi-annual Russell US Indexes reconstitution.
Changes from the December 2026 reconstitution will take effect after US equity markets close on Friday, December 11th. The lists of projected additions and deletions for the Russell US Indexes, along with additional details on the reconstitution process, are available on the FTSE Russell website.
Each June and December, the Russell US index family is recalibrated to reflect the evolving US equity market. Size breakpoints are updated at both reconstitutions, while style probabilities are fully refreshed in June; in December, updated style probabilities are applied only to new additions and companies moving between size segments.
With approximately $12.5 trillion in investor assets benchmarked to or invested in products based on the Russell US Indexes, reconstitution culminates in one of the highest-volume trading days of the year across major US equity exchanges; a record $553.9 billion traded at the close of the June 2026 reconstitution.
The December reconstitution marks the second under the semi-annual schedule re-introduced in 2026.
Fiona Bassett, CEO at FTSE Russell, said:
“The Russell indexes continue to evolve alongside the dynamic US equity market. As we approach the December reconstitution, our semi-annual schedule reinforces our commitment to ensuring the indexes remain responsive to changing market dynamics, while maintaining the transparency, consistency, and integrity that market participants rely on. This enhanced approach allows us to more closely reflect shifts in the US equity landscape, delivering benchmarks that accurately represent their intended market segments and support investors in an ever-evolving environment.”
Catherine Yoshimoto, Director of Product Management for the Russell US Indexes at FTSE Russell said:
“Since the June reconstitution, the US equity market has continued to evolve, with mega cap leadership persisting as participation broadened across size segments. Against this backdrop, the Russell 2000 continues to capture the evolving US small cap opportunity set, with 125 companies joining the index, including 18 IPOs, while the closely watched market capitalization breakpoint separating the Russell 1000 and Russell 2000 indexes rose modestly to approximately $5.8 billion.”
US equities continue to demonstrate their strength and resilience
Preliminary results for this year’s reconstitution show a significant expansion in the US equity market, with the total market capitalization of the Russell 3000 Index rising 7% from $75.6 trillion in June to $81.0 trillion in December as of the October 30 rank date.
The market capitalization breakpoint separating large cap companies in the Russell 1000® Index from small cap companies in the Russell 2000® Index increased slightly from $5.7 billion to approximately $5.8 billion. The cumulative market cap percentile band around the breakpoint also widened further in dollar terms since June.
At the lower end, Magyar Bancorp (Financials), the smallest company in the Russell 2000® Index, had a market capitalization of $144.0 million, 1.6% below the smallest company in June. With banding applied, UWM Holdings (Financials), the smallest company in the Russell 1000® Index, had a total market capitalization of $2.5 billion.
Largest 10 Companies Reshuffle as Apple Retakes the Top Spot
The composition and rankings of the ten largest US companies shifted, highlighting continued concentration at the top of the market. Eight of the ten companies remained in the top ten, with Space Exploration Technologies and Eli Lilly replacing Walmart and Berkshire Hathaway.
Apple regained the top position, rising from third in June, followed by Nvidia, which fell from first to second, and Microsoft, which rose from fourth to third. Alphabet fell from second to fourth, while Amazon.com remained fifth. New entrant Space Exploration Technologies (added to the index after the June reconstitution rank date) ranked sixth, ahead of Tesla, Meta Platforms and Broadcom.
As of the December 2026 reconstitution, twelve companies exceeded $1 trillion in total company market capitalization, compared with ten in June 2026. Five exceeded $2 trillion and four exceeded $3 trillion in both periods.
The combined market capitalization of the ten largest companies as of the October 30, 2026 rank date was 5% higher than for the ten largest companies as of the April 30, 2026 rank date, representing approximately 34% of the Russell 3000’s total market capitalization.
The companies known as the “Magnificent Seven” (Apple, Microsoft, Nvidia, Amazon.com, Alphabet, Meta, Tesla) increased 3% in size since the June 2026 recon, reaching a combined total of $23.0 trillion in company market cap. This concentration leaves the market sensitive to a small group of mega cap companies.
Largest 10 Companies in the Russell 3000 Index / Russell 1000 Index by Size (Total Company Market Capitalization)
| Company | December 2026 Rank by size |
December 2026 Total Market Cap |
June 2026 Rank by size |
June 2026 Total Market Cap |
Change from June 2026 |
|---|---|---|---|---|---|
| Apple | 1 | 5,029.6 | 3 | 3,983.7 | 26.3% |
| Nvidia | 2 | 4,931.8 | 1 | 4,849.6 | 1.7% |
| Microsoft | 3 | 3,875.8 | 4 | 3,029.2 | 27.9% |
| Alphabet | 4 | 3,440.4 | 2 | 4,662.2 | -26.2% |
| Amazon.com | 5 | 2,598.9 | 5 | 2,851.3 | -8.9% |
| Space Exploration Technologies | 6 | 1,829.6 | N/A* | N/A* | N/A* |
| Tesla | 7 | 1,580.4 | 8 | 1,433.3 | 10.3% |
| Meta | 8 | 1,572.1 | 7 | 1,553.3 | 1.2% |
| Broadcom | 9 | 1,556.6 | 6 | 1,976.4 | -21.2% |
| Eli Lilly | 10 | 1,333.5 | 11 | 880.2 | 51.5% |
| Largest 10 companies | 27,748.7 | 25,219.2 |
Health Care and Technology Lead Sector Additions
Based on preliminary results, 21 companies are expected to be added to the Russell 1000 Index at the conclusion of the December reconstitution. Nine are moving up from the Russell 2000, while twelve are joining from outside the Russell US Indexes universe, including Shopify (Technology), NXP Semiconductors (Technology), Teva Pharmaceutical (Health Care), Waste Connections (Utilities) and Ferrovial (Industrials).
The 21 Russell 1000 additions comprise five each from Technology and Health Care, four from Industrials, two from Consumer Discretionary, and one each from Telecommunications, Financials, Real Estate, Energy and Utilities.
A total of 125 companies are joining the Russell 2000 Index: 10 from Russell Midcap, 51 from Russell Microcap and 64 from outside the Russell US Indexes universe. Health Care accounts for the largest number of additions (44), followed by Financials (21), Industrials (18), Consumer Discretionary (17) and Technology (11). Eighteen of the 64 outside additions are IPOs. BillionToOne (Health Care) is the largest addition by total market capitalization.
A total of 75 companies are departing the Russell 2000. Nine are moving to the Russell 1000, while 66 are moving to the Russell Microcap ex Russell 2000 Index.
Russell Style Indexes: Value leads Growth, while Defensive leads Dynamic
Value indexes outperformed their Growth counterparts in the six months ended October 30, 2026. The Russell 1000 Value Index returned 12.7% on a total return basis, compared with -1.1% for the Russell 1000 Growth Index; the Russell 2000 Value Index returned 4.2%, compared with -2.0% for the Russell 2000 Growth Index.
These indexes are part of the Russell US Style Indexes, which provide an objective framework for measuring growth- and value-oriented performance by assigning weights to companies based on their relative style characteristics. While many companies are classified as either fully Growth or fully Value, some exhibit a blend of both attributes.
As part of the semi-annual reconstitution process, style probabilities are fully reviewed in June. In December, existing probabilities generally carry forward for continuing constituents, with updates made for new additions, IPOs, spin-offs and companies changing size-index membership.
Looking ahead to the 40th anniversary of the Russell Style Indexes in 2027, FTSE Russell is consulting on proposed methodology enhancements. The consultation is open through the close of the December reconstitution on December 11, and feedback is welcomed via: Index Market Consultations | LSEG.
The Russell US Stability Indexes introduce a third dimension of style, differentiating between more stable (Defensive) and more economically sensitive (Dynamic) companies. Over the six months ended October 30, 2026, the Russell 1000 Defensive Index returned 6.8%, compared with 3.5% for the Russell 1000 Dynamic Index. Among small caps, the Russell 2000 Defensive Index returned 3.2%, while the Russell 2000 Dynamic Index returned -1.3%.
Overall, the December 2026 reconstitution reflects a resilient and evolving US equity market, with persistent mega cap leadership alongside changing membership and industry composition across size segments. The outperformance of Value relative to Growth and Defensive relative to Dynamic further illustrates shifts in market leadership during the six months ended October 30, 2026.
December 2026 Russell semi-annual reconstitution schedule
Today’s posting of the preliminary lists of additions and deletions is the first public step in the December 2026 semi-annual reconstitution process for the Russell US Indexes. Updates to the lists will be posted to the FTSE Russell website after US market close on November 20, November 27, and December 4. If any changes to the publicly announced membership lists occur during the query period, which closes November 27, technical notices will be published on the FTSE Russell website. The December 2026 semi-annual Russell Reconstitution takes effect and the newly recalibrated indexes begin to operate after the US market close on Friday, December 11, from the open of US markets on Monday, December 14.
Although previously reconstituted annually, beginning in 2026 the Russell US Indexes are reconstituted semi-annually in June and December. This decision is based on data analysis and follows a market consultation undertaken in response to the evolution of market dynamics. More on the Russell US Indexes moving to a semi-annual reconstitution this year can be found on the FTSE Russell website.
To complete this year’s Russell US Indexes Reconstitution, FTSE Russell uses primary exchange closing prices from NYSE and Nasdaq. NYSE-listed stocks utilize NYSE’s auction mechanism while Nasdaq-listed stocks utilize Nasdaq’s “Closing Cross” mechanism to execute shares for each stock at a single price on December 11.
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