Shares of Lumen Technologies (NYSE: LUMN), a cloud connectivity and security solutions company, were falling today, just one day after the company lost its spot on the S&P 500 index and after Federal Reserve Chairman Jerome Powell said there's still a need to continue raising interest rates. 

The tech stock is down by 5.6% as of 11:40 a.m. ET.  

Yesterday, the S&P Dow Jones Indexes announced that it's replacing Lumen in the S&P 500 with the credit score company Fair Isaac, effective March 20. The move is part of the index's quarterly rebalancing. With Lumen's valuation plummeting as the company's shares have fallen 70% over the past year, the stock will now be part of the S&P SmallCap 600. 

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Source Fool.com