Workday and Apollo Global Management will join the S&P 500 index before the open on Monday, Dec. 23, as part of quarterly rebalance. Workday stock and Apollo Global initially jumped Monday. AppLovin, one of the hottest stocks in 2024, sold off after being passed over.
Apollo and Workday will replace Qorvo and Amentum Holdings. The latter two stocks will drop down to the S&P SmallCap 600 index.
Apollo stock fell 3% to 172.47 after initially jumping to fresh highs of 189.49. Workday stock rose 5.1% to 279.91%, though off highs. Workday cleared a 278.98 handle buy point from a consolidation going back to late February.
Qorvo rose 1.7%. Amentum climbed 2.5% after winning a new U.S. Navy contract.
AppLovin stock plunged 14.7%. Shares had spiked nearly 908% in 2024 as of Dec. 6. There has been speculation that the software maker would join the S&P 500.
S&P SmallCap 600 members Comerica and Carpenter Technology will join the S&P MidCap 400 index. Vishay Intertechnology and Carters will drop from the midcap index to the S&P SmallCap 600. Comerica stock and Carpenter Technology fell 2.4% and 4.8%, respectively. Vishay lost 0.2% and Carters fell 1.2%.
More fund money tracks the S&P SmallCap 600 than the S&P MidCap 400, so stocks that are lifted from the 600 to the 400 will often see a decline.
Terreno Realty and Champion Homes will replace Hudson Pacific Properties and Regenxbi0 in the S&P SmallCap 600.
Terreno Realty and Champion Homes rose 6.5% and 4.1%, respectively. Hudson Pacific declined 1.1% while Regenxbio advanced 6.2%.
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