Market heavyweights dip ahead of Nasdaq 100 rebalance

The adjustment will be based on shares outstanding as of July 3, with changes announced on July 14 and taking effect before the market opens on July 24.

The Nasdaq 100 includes 100 of the largest companies that trade on the Nasdaq exchange, and changes to the index will force investment funds that track it to adjust their portfolios and sell shares of companies that have their weight in the index reduced.Wall Street’s most valuable companies have been among the biggest winners in the U.S. stock market’s recovery this year, further increasing their weight in the Nasdaq 100, and also in the Nasdaq Composite and S&P 500.

While the S&P 500 has gained 15 percent year to date, Nvidia has surged 189 percent and Tesla has more than doubled. Microsoft, Amazon and Apple have climbed between 38 percent and 51 percent in 2023.Subscribe to our daily newsletter

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Apple is now the first public company to be valued at $3 trillion | Michael Liedtke / The Associated PressSAN FRANCISCO—Apple became the first publicly traded company to close a trading day with a $3 trillion market value, marking another milestone for a technology juggernaut that has reshaped society with a lineup of products that churn out eye-popping profits. Apple shares closed up 2.3 percent at $193.97 Friday, bringing…
Source: BusinessMirror - 🏆 19. / 59 Read more »