It is time to shuffle the lineup of the Nasdaq 100 as the annual rebalancing takes place at the end of the week.
Rivian Automotive Inc. and Warner Bros. Discovery Inc. will be joining the Index.
The index will adjust the tech-heavy composition for changes in market capitalization, according to Bloomberg.
Those companies will be art of a slew of changes that will take effect at the start of trading on Dec. 19.
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CoStar Group, GlobalFoundries, Baker Hughes and Diamondback Energy Inc. will also be added to the index, according to the Nasdaq.
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The Nasdaq 100 is made up of the largest non-financial companies listed on the Nasdaq stock exchange.
It currently has 102 members.
Following the additions there will also be subtractions.
VeriSign,, Skyworks Solutions, Splunk,, Baidu., Match Group, DocuSign and NetEase will be removed.
Many large index funds that track the Nasdaq 100 must own all of its members’ shares.
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And actively managed funds that are benchmarked against it have to buy the stocks.
The Nasdaq 100 is down 29% this year.
Source: https://finance.yahoo.com/news/rivian-warner-bros-discovery-join-094143985.html