๐ Reddit $RDDT rockets +12% premarket โ S&P 500 entry triggers ~$3B in forced index buying
S&P Dow Jones Indices announced Reddit joins the S&P 500 effective August 18, replacing AvalonBay Communities. JPMorgan estimates passive index funds will need to absorb ~16.7 million shares worth nearly $3 billion โ almost three full days of normal trading volume. Shares were trading around $177โ178 premarket this morning. Is the inclusion pop already priced in before next week's rebalance, or does RDDT have more room to run? Not financial advice.
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