Palantir, MicroStrategy, and Axon Enterprise are set to join the Nasdaq 100 Index on Monday, Dec. 23, replacing Super Micro Computer, Moderna, and Illumina, as part of a reconstitution of the index, the Nasdaq said Friday.
Palantir and MicroStrategy rallied, while Super Micro and Moderna dropped in premarket trading Monday.
It was a big week for the Nasdaq 100, which topped the 20,000 level for the first time ever Wednesday, as tech stocks soared in the wake of inflation data reinforcing expectations of a rate cut by the Federal Reserve next week.
The Nasdaq 100, which contains the 100 largest non-financial sector companies in the Nasdaq Composite Index, is reconstituted annually in December and rebalanced quarterly to weight its constituents by market capitalization.
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