Wednesday, July 24, 2024
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The S&P Dow Jones Indices announced on Friday that three companies—KKR & Co., CrowdStrike, and GoDaddy—will be added to the prestigious S&P 500 index before the market opens on June 24. KKR & Co. is a prominent private equity firm, CrowdStrike is a leading cybersecurity company, and GoDaddy is a well-known provider of internet services.

Following the announcement, the stock prices of these companies saw notable increases in extended trading. CrowdStrike’s shares rose by 6%, KKR & Co.’s shares climbed by 9%, and GoDaddy’s shares went up by 3.6%.

The inclusion of these companies in the S&P 500 means they will be replacing three existing members: Robert Half, Comerica, and Illumina. Robert Half is a recruitment services firm, Comerica is a U.S. regional bank, and Illumina is a manufacturer of gene sequencing machines.

In contrast to the positive market response for the newly included companies, the stocks of the companies being replaced experienced declines. Shares of Robert Half fell by 2.2%, Comerica’s shares were down by 0.4%, and Illumina’s shares decreased by 0.6%.

This reshuffling of the S&P 500 reflects ongoing changes and trends within the market, highlighting the dynamic nature of the index and the varying fortunes of its constituent companies. The S&P 500 is a benchmark index that is widely regarded as a barometer of the overall health of the U.S. stock market and economy.

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