Bloom Energy to Join S&P 500 Index
Shares of Bloom Energy surged by over 10% following confirmation that the company will be added to the S&P 500 index, effective September 21. The announcement was made as part of a quarterly rebalancing by S&P Dow Jones Indices on Friday. Alongside Bloom Energy (BE), Everpure (P) and Illumina (ILMN) are also set to join the benchmark index. The addition replaces Molson Coors Beverage (TAP), The Trade Desk, and Builders FirstSource in the SmallCap 600. While shares of Everpure rose slightly by 1.5%, those of Illumina dipped by a similar margin. In contrast, stocks of companies being removed from the index fell. Index inclusion often leads to increased institutional demand due to passive investment strategies tracking major indices like the S&P 500.
Topics: Bloom Energy S&P_500 stock_movement