Airbnb Inc (NASDAQ:ABNB) stock jumped in Tuesday pre-market trading after it secured a position on the S&P 500 index along with Blackstone Inc as part of S&P Indices quarterly rebalance.
Ahead of the opening bell, Airbnb traded 6% higher at $140.44 while Blackstone was 3.4% up at $108.
The two companies join the much-watched index ahead of market open on September 18, replacing Lincoln National (NYSE:LNC) and Newell Brands (NYSE:NWL), which will be relegated to the S&P SmallCap 600.
Other changes include S&P 500 constituent Deere & Co replacing Walgreens Boots Aliance Inc in the S&P 100. S&P Indices noted that Walgreens Boots Alliance is no longer representative of the mega-cap market space. It will remain, however, in the S&P 500.
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