By George Glover

Investors are snapping up the three stocks that are set to join the Nasdaq 100 next week, judging by premarket action.

Shares in software developer Palantir Technologies climbed 0.9% ahead of Monday's opening bell. Business intelligence company-turned-Bitcoin buyer MicroStrategy jumped 5.8%, and Taser manufacturer Axon Enterprise gained 2.8%.

The moves higher came after the Nasdaq 100 added the three stocks as part of its annual reconstitution. The changes, announced Friday evening, will take effect before the market opens on Dec. 23.

MicroStrategy's gains likely reflect its close association with Bitcoin, which hit an all-time high above $106,000 early Monday. The company is the largest corporate holder of the token and carries on buying, funding its purchases by selling shares and convertible bonds.

Palantir, MicroStrategy, and Axon have all racked up triple-digit gains this year, making them the nonfinancial companies with the highest market values in the Nasdaq Composite index that weren't yet part of the Nasdaq 100.

They're set to replace vaccine developer Moderna, server maker Super Micro Computer, and biotech company Illumina in the tech-heavy gauge. All three of those stocks were falling on Monday -- Moderna slid 0.5% ahead of the U.S. open, while Super Micro tumbled 11.8% and Illumina dropped 1.2%.

Write to George Glover at george.glover@dowjones.com

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

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December 16, 2024 06:17 ET (11:17 GMT)

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