Reshuffling the deck: The S&P is modifying the major categories of the market in the most significant reclassification of industry groups since the index officially adopted standardized sectors back in 2001. ‘Communication Services’ debuted as a stand-alone group on September 30th, representing ~10% of the S&P 500. This replaces the Telecommunications sector, which was absorbed by the new group, along with select constituents from Information Technology and Consumer Discretionary. The only other sector reclassification since 2001 was the separation of Real Estate from Financials in 2016.