Palantir Technologies Inc., Dell Technologies Inc. and Erie Indemnity Co. are set to join the S&P 500 as part of its latest quarterly weighting change.
The companies will replace American Airlines Group Inc., Etsy Inc. and Bio-Rad Laboratories Inc., according to a press release from S&P Dow Jones Indices Friday. The changes are set to go into effect prior to the open of trading on Sept. 23.
Palantir shares gained 8.8% in overnight trading. Shares of Dell jumped as much as 6.86% in overnight trading, while insurance company Erie Indemnity rose as much as 2.9%.
The additions of Palantir and Dell reflect how technology companies, and artificial intelligence-related names in particular, are reshaping the market. Palantir, the data-analysis software company co-founded by billionaire tech investor Peter Thiel, has grown from serving the US intelligence community to working with dozens of government agencies, and more recently expanding its commercial business.
Crypto shares rallied in overnight trading. CleanSpark, Marathon Digital, MicroStrategy gained about 3%; Riot Platforms, Coinbase gained over 2%.
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