Investing.com -- Shares of Apollo Global Management (NYSE:APO) and Workday (NASDAQ:WDAY) rose Monday after it was revealed the companies are set to join the S&P 500, replacing Qorvo (NASDAQ:QRVO) and Amentum Holdings, effective before market open on December 23.
Apollo is up more than 6% ahead of the open. So far this year, it has gained over 92%. Meanwhile, Workday has risen over 9% in premarket trading. It is down 2.7% this year.
The changes coincide with the quarterly rebalancing of the S&P Dow Jones Indices, aimed at better aligning companies with their respective market capitalization ranges.
Companies being added to the S&P 500 are deemed more indicative of the large-cap market space.
Qorvo and Amentum Holdings will move to the S&P SmallCap 600, replacing Kelly Services (NASDAQ:KELYA) and Service Properties (NASDAQ:SVC) Trust.
Additional shifts include Comerica (NYSE:CMA) and Carpenter Technology (NYSE:CRS) moving from the S&P SmallCap 600 to the S&P MidCap 400, with Vishay Intertechnology (NYSE:VSH) and Carter’s heading the opposite direction.
Market reaction to such moves is typically positive for companies added to the S&P 500, often leading to increased investor demand as index-tracking funds adjust their holdings.
Apollo and Workday’s inclusion is expected to enhance their visibility and attract a broader investor base.
Related Articles
BofA cuts SoFi rating amid valuation concerns
Saudi Arabia stocks higher at close of trade; Tadawul All Share up 1.19%
免责声明：投资有风险，本文并非投资建议，以上内容不应被视为任何金融产品的购买或出售要约、建议或邀请，作者或其他用户的任何相关讨论、评论或帖子也不应被视为此类内容。本文仅供一般参考，不考虑您的个人投资目标、财务状况或需求。TTM对信息的准确性和完整性不承担任何责任或保证，投资者应自行研究并在投资前寻求专业建议。