Reddit to Join S&P 500; Stock Jumps as Index Funds Brace for Large Purchases
Shares of Reddit climbed sharply in premarket trading after S&P Dow Jones Indices said Reddit will enter the S&P 500, replacing AvalonBay Communities. Analysts estimate index funds tracking the benchmark could need to purchase roughly 16.7 million Reddit shares, a volume materially above the stock's recent daily average, amplifying near-term tradin…