Apollo Global Management, Workday Stocks Jump on S&P 500 Inclusion

What you need to know

• Apollo Global Management and Workday shares are surging in premarket trading Monday on news the companies are being added to the S&P 500 Index before the start of trading on Dec. 23.
• The two firms will be replacing Qorvo and Amentum Holdings, which are moving to the S&P SmallCap 600 Index.
• The shares of Apollo Global Management have increased by 90% to a new high this year, while the shares of Workday have barely changed.

Shares of asset manager Apollo Global Management (APO) and human resources software provider Workday (WDAY) are surging more than 5% and 8%, respectively, in premarket trading Monday on news the companies will become the newest members of the S&P 500 Index. 

S&P Global Indexes announced on Friday that the two firms would be added to the prestigious index at the opening of trading on Dec. 23.

The companies are replacing Qorvo Holdings AMTM (Defense Technology Company) and Qorvo Holdings QRO (Radio Frequency Semiconductors). Both Qorvo and Amentum Holdings will move into the S&P SmallCap 600 Index, replacing employment services firm Kelly Services (KELYA) and real estate investment trust (REIT) Service Properties Trust (SVC), respectively. 

Joining the S&P 500 often gives a company's stock price a boost because the shares can be added to various index-tracking funds, giving them more exposure to investors.

The shares of Apollo Global Management are on fire this year. They have soared 90%, reaching a new high. Shares of Workday have not changed much year to date.

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