Uber Technologies Inc (NYSE:UBER) will trade as an S&P 500 company when markets open in the US on Monday, while lockdown favourite Zoom is demoted from the Nasdaq 100.
Along with electronics manufacturer Jabil Inc (NYSE:JBL) and Builders FirstSource, the materials producer, the newly promoted companies will take the place of Sealed Air Corporation (NYSE:SEE), Alaska Air Group (NYSE:ALK) and Solar Edge Technologies.
Shares in the ride-hailing app reached 52-week highs following the news and are expected to open 0.3% higher on Monday.
Uber is up more than 143% in 2023 and boasts a market cap of US$127 billion – the three relegated companies had a combined market value of around US$15 billion.
Conversely, Zoom Video Communications Inc (NASDAQ:ZM) will slip out of the leading Nasdaq index after shares underperformed most benchmarks to only rise 7.3% year-to-date.
Analysts have also scaled back growth expectations due to the increasing return to office work.
Shares in Zoom are expected to open flat on Monday at around US$71.
Other companies being dropped from the index include eBay Inc (NASDAQ:EBAY), JD.com Inc (NASDAQ:JD) and solar firm Enphase Energy Inc (NASDAQ:ENPH).
New additions include Coca-Cola Europacific Partners plc, DoorDash Inc (NYSE:DASH) and Splunk Inc (NASDAQ:SPLK).