Apollo Global Management and Workday Stocks Surge Ahead of S&P 500 Inclusion

Apollo Global Management and Workday Stocks Surge Ahead of S&P 500 Inclusion

Key Points:

Apollo Global Management and Workday shares soared in premarket trading Monday following the announcement of their inclusion in the S&P 500 Index, effective Dec. 23.

The two companies will replace Qorvo and Amentum Holdings, which are set to join the S&P SmallCap 600 Index.

Apollo shares have surged 90% this year to record highs, while Workday's stock has remained relatively stable.

Shares of Apollo Global Management (APO) and Workday (WDAY) experienced sharp gains of more than 5% and 8%, respectively, in premarket trading on Monday. The rally follows Friday's announcement by S&P Global Indexes that both companies will join the S&P 500 Index before the market opens on Dec. 23.

Apollo and Workday will replace Qorvo (QRO), a producer of radio frequency semiconductors, and defense technology provider Amentum Holdings (AMTM). Qorvo and Amentum Holdings will transition to the S&P SmallCap 600 Index, filling spots left by employment services firm Kelly Services (KELYA) and real estate investment trust (REIT) Service Properties Trust (SVC).

A company's inclusion in the S&P 500 often boosts its stock value, as shares are typically added to index-tracking funds, increasing exposure and investor demand.

Apollo Global Management's stock has seen an impressive 90% rise this year, reaching an all-time high, while Workday's shares have remained relatively unchanged year-to-date.