The S&P 500 index is set to rebalance before the open on Monday, December 23, with Workday (WDAY) and Apollo Global Management (APO) joining the benchmark. The move comes after both stocks jumped Friday night, while AppLovin (APP), a hot stock in 2024, fell.
Apollo Global rose 6% after hours, bringing its share price to new highs. Workday’s stock also surged 8%, with the company potentially clearing a buy point of $278.98 from a consolidation period since February. Qorvo and Amentum Holdings will drop down to the S&P SmallCap 600 index as part of the rebalance.
Meanwhile, Comerica (CMA) and Carpenter Technology (CRS) will move up to the S&P MidCap 400 index, while Terreno Realty (TRNO) and Champion Homes (SKY) join the S&P SmallCap 600. The changes are expected to impact fund money, with stocks being lifted from smaller indices often seeing declines.
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Source: https://www.investors.com/news/sp-500-workday-apollo-global-to-join-index-in-quarterly-balance