Why AI Stock AppLovin Powered Past the Market on Wednesday
The so-called "index effect" can boost a stock's price if only temporarily (at best). The possibility of graduating to a major stock index was a key factor driving up the value of adtech company AppLovin (NASDAQ: APP) on Hump Day. Its shares closed just shy of 5% higher that trading session, which looked particularly impressive next to the S&P 500 index's basically sideways trajectory.Speaking of the S&P 500, that benchmark stock index is slated to get its regular adjustment this coming Friday, June 6 after market close. With 500 titles, the company that manages it, S&P Dow Jones Indices, typically swaps out several stocks for fresh titles when making such adjustments. Image source: Getty Images.Continue reading
The so-called "index effect" can boost a stock's price if only temporarily (at best). The possibility of graduating to a major stock index was a key factor driving up the value of adtech company AppLovin (NASDAQ: APP) on Hump Day. Its shares closed just shy of 5% higher that trading session, which looked particularly impressive next to the S&P 500 index's basically sideways trajectory.
Speaking of the S&P 500, that benchmark stock index is slated to get its regular adjustment this coming Friday, June 6 after market close. With 500 titles, the company that manages it, S&P Dow Jones Indices, typically swaps out several stocks for fresh titles when making such adjustments.
Image source: Getty Images.
