Uber (NYSE:UBER) stock is on the rise Monday following news that the ride-sharing company’s shares are joining the S&P 500!
Uber will join the S&P 500 on Dec. 18, 2023 under its Industrials sector. It will do so alongside Jabil (NYSE:JBL) and Builders FirstSource (NYSE:BLDR). Each of these companies represent the large-cap market space.
With Uber and these other companies joining the S&P 500, three others are being removed. They are Sealed Air (NYSE:SEE), Alaska Air (NYSE:ALK) and SolarEdge Technologies (NASDAQ:SEDG). The change in members of the S&P 500 is part of the index’s quarterly rebalance to best match its market capitalization range.
What This Means for UBER Stock
Being added to the S&P 500 can be a big deal for a company’s stock. That’s due to it being one of the major indices in the U.S. With that comes extra attention on the stock, as well as some investors viewing it as an additional reason to take a stake in the company.
With that in mind, more than 40 million shares of UBER stock are changing hands as of this writing. That’s already more than double its daily average trading volume of about 20 million shares.
UBER stock is up 4.2% as of Monday morning and up 135.7% since the start of the year.
Investors looking for more of the latest stock market news today are in luck!
We have all of the hottest market happenings traders need to know about on Monday! Among that is what’s happening with shares of Virgin Galactic (NYSE:SPCE), Nio (NYSE:NIO) and Carvana (NYSE:CVNA) stock today. You can find out more on these matters down below!
More Monday Stock Market News
- Is Richard Branson Giving Up on Virgin Galactic (SPCE) Stock?
- NIO Stock Alert: China Adds Nio to Key Manufacturer List
- Why Is Carvana (CVNA) Stock Up Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
