The June quarterly rebalance will take place today, June 20, 2022, prior to the start of trading.

If you weren't aware, every quarter S&P Dow Jones Indices updates the constituents that make up the S&P/ASX 200 Index, as well as the other key benchmark indices. The changes taking effect from today increase the weight of resources companies in the major ASX indices, while tech takes a backwards step. It is important to note that the full list of changes were announced largely before the most-recent downturn in equity markets, otherwise there may have been even more changes.

So what changed? Which stocks are being added and removed from the major indices?

Additions to the Major Indices

Shares in Mineral Resources (ASX: MIN) have been trading at or near all-time highs on multiple occasions this year, and a rebound in the iron ore market, as well as the company exposure to the lithium sector, have provided the catalysts at times. With a market cap close to $10 billion at the time of writing, Mineral Resources joins the top 50 stocks listed on the ASX, entrenching resources exposure at the top end of town. Market darling Brainchip (ASX: BRN) is a new addition in the ASX 200, with the chip manufacturer commanding strong trading volumes over recent months thanks to updates on the progress of its Akida chip. The tech high-flyer almost cracked into the top 200 earlier in the year, and while sitting far off its January highs, the company $1.5+ billion valuation is enough to see it get the tick as other tech names slumped.Despite a sharp pull-back for the battery metals sector, lithium duo Core Lithium (ASX: CXO) and Lake Resources (ASX: LKE) find themselves included in the benchmark ASX 200 index. Much of the decline in this sector has taken place since the list of names was announced for the quarterly rebalance, so it is largely a matter of timing that sees a few other lithium stocks retain their place in the top 200. As it stands, however, the ASX 200 currently features its biggest weight of lithium stocks to date.Rampant coal prices have provided a boon for New Hope Corporation (ASX: NHC), which is also being added into the ASX 200. With the stock trading at multi-year highs, sentiment has largely been driven by a global energy crisis and the war in Ukraine putting pressure on supply. All the while, global inventory levels remain low, providing a spark for the commodity.CodeCompanyAdded toMINMineral ResourcesS&P/ASX 50BRNBrainchip HoldingsS&P/ASX 200CXOCore LithiumS&P/ASX 200LKELake ResourcesS&P/ASX 200NHCNew Hope CorporationS&P/ASX 200

Removals from the Major Indices

It was one of the biggest names just a matter of months ago, but such is the fall from grace for Square (ASX: SQ2), it has been turfed from the ASX 50, just one quarter after it was removed from the ASX 20. It was among the only tech names at the pointy end of the market as well, which indicates just how concentrated the ASX is when it comes to banks and resources stocks. Square spectacular fall comes amid a broad-based sell-off in the tech sector, and souring sentiment for buy-now pay-later shares that were once seen as the hottest theme on the market.Another big-name casualty, albeit removed from the ASX 100, is Magellan Financial Group (ASX: MFG). The fund manager hasn't been short of news this year, with its underperformance sparking the loss of a key mandate, and funds under management (FUM) plummeting over recent months as the tech wreck takes hold. The company also wasn't helped by the loss of key personnel, as well as subdued sentiment towards fund managers given the volatile market, a fact that has weighed on its peer, Platinum Asset Management (ASX: PTM).The sharp decline in growth stocks is something that has also shown up among the list of stocks being deleted from the key indices, with the likes of Appen (ASX: APX), Codan (ASX: CDA), Polynovo (ASX: PNV), and Tyro Payments (ASX: TYR) all on the outer and no longer part of the ASX 200. The share prices of each of these stocks have taken a beating over recent months, with the market cap of each company a fraction of what it was at the height of the COVID tech boom.CodeCompanyRemoved fromSQ2BlockS&P/ASX 50MFGMagellan Financial GroupS&P/ASX 100APXAppenS&P/ASX 200CDACodanS&P/ASX 200PNVPolynovoS&P/ASX 200PTMPlatinum Asset ManagementS&P/ASX 200TYRTyro PaymentsS&P/ASX 200