Airbnb stock is trading higher in the pre-market trading Tuesday after the news broke that the company will soon join the S&P 500 index.
The S&P Dow Jones Indices, as part of its quarterly rebalancing, will add Airbnb, Inc. (NASDAQ: ABNB) and Blackstone Inc. (NYSE: BX) to the S&P 500, replacing Lincoln National and Newell Brands. These changes are scheduled to take effect before the market opens on September 18.
Airbnb stock has surged by 55.19% year-to-date. Airbnb reported its second-quarter earnings in August, beating expectations both in terms of revenue and profit. In addition, Airbnb provided a robust outlook for the third quarter, citing a significant uptick in guest reservations and an extension in the duration of stays.
As of the latest update, shares of Airbnb, Inc. (NASDAQ: ABNB) were up by 7.54% at $142.50, with a trading volume of 3,483,074 (3.48 million).
Meanwhile, Lincoln National Corporation (NYSE: LNC) stock saw a slight decline in value, while Newell Brands Inc. (NASDAQ: NWL) has yet to commence trading. In addition, uniQure (NASDAQ: QURE) and Universal Insurance Holdings, Inc. (NYSE: UVE) stocks encountered significant declines of 13% and 10%, respectively.