Trade Desk Inc (NASDAQ:TTD) shares jumped almost 10% after it was revealed the digital advertising technology firm will be added to the S&P 500 later this week.
The company will join the index before the opening of trading on Friday.
It replaces information technology firm ANSYS, which is being acquired by Synopsys in a deal expected to be completed on Thursday.
The Trade Desk operates a cloud-based platform that enables buyers to manage and optimize digital advertising campaigns across various formats and devices.
With a market capitalization of about $40 billion, it is positioned in the mid-range of S&P 500 companies by valuation.
Shares of Trade Desk were up 9.5% at about $83 late morning on Tuesday. Before the boost, the company’s shares were down 35% in the year to date.