Reddit Surges on S&P 500 Inclusion, Set to Replace AvalonBay

3-line summary

• Reddit shares jumped more than 11% after S&P Dow Jones Indices said the company would join the S&P 500, replacing AvalonBay Communities, according to a Reuters report via Yahoo Finance.
• J.P. Morgan analysts estimate index funds tracking the S&P 500 would need to buy 16.7 million Reddit shares, nearly three times its average daily trading volume of about 5.98 million shares.
• AvalonBay is being removed after agreeing in May to an all-stock merger with Equity Residential to form a rental housing company with an enterprise value of $69 billion, expected to close in the second half of 2026.

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