Google’s parent Alphabet (GOOGL), Facebook (FB) and Twitter (TWTR) will leave the tech sector of the S&P 500 today in a major sector reshuffle. With the reshuffling, Apple (AAPL) and Microsoft (MSFT) will get more representation in popular tech ETFs and index funds while Amazon’s (AMZN) weight will go up further in consumer discretionary ETFs.S&P Dow Jones and MSCI had announced major changes in the Global Industry Classification Standard (GICS) last year, which are taking place now. These changes will impact many high-flying technology and media stocks and related funds.Technology sector’s weight in the S&P 500 will go down from about 26% currently to 21%. Media stocks--Netflix (NFLX), Walt Disney (DIS) and Comcast (CMCSA)--will leave the consumer discretionary sector, sending its weight down to about 10% from 13% currently.(Image Source: FT)Overall, these changes will impact about 10% of S&P 500’s market capitalization as 23 companies worth $2.7 trillion in market capitalization are being reshuffled.The old Telecom sector is being renamed and broadened as the new communication services sector. It will now be home to three out of four original FANGs. Alphabet, Facebook and Netflix together have about 50% weight in the new Communication Services Select Sector SPDR Fund (XLC).Telecom sector is traditionally seen as a defensive sector and a value play. The revamped communication services sector will be seen as a cyclical sector with much stronger growth prospects.Telecom currently has a dividend yield of about 5% and many income-oriented investors bought these funds just for juicy dividends. The new communication services sector’s yield will be just about 1.5%.Per State Street Global Advisors, communication services will hold a majority —61% — of growth stocks, whereas the current telecommunications services sector consists of 100% value stocks. Allocation to growth stocks in consumer discretionary sector will also go up.(Image Source: SSGA)For more please see: How GICS Changes Will Impact Hottest Stocks and ETFsWant key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Walt Disney Company (DIS): Free Stock Analysis Report Netflix, Inc. (NFLX): Free Stock Analysis Report Amazon.com, Inc. (AMZN): Free Stock Analysis Report Facebook, Inc. (FB): Free Stock Analysis Report Alphabet Inc. (GOOGL): Free Stock Analysis Report Twitter, Inc. (TWTR): Free Stock Analysis Report Apple Inc. (AAPL): Free Stock Analysis Report Microsoft Corporation (MSFT): Free Stock Analysis Report SPDR-TECH SELS (XLK): ETF Research Reports VIPERS-INFO TEC (VGT): ETF Research Reports SPDR-COMM SV SS (XLC): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report