Peloton Shares Pop on Small-Cap Index News, With Week Ahead Key for Support
Peloton Interactive heads into the shortened holiday week after shares surged 10.23% Friday to close at $5.71, trading on heavy volume. The move came after news that Peloton will be added to the S&P SmallCap 600. Timing is key. U.S. markets are closed for Memorial Day on Monday, and Peloton joins the index before the open on Wednesday, May 27. The S&P SmallCap 600 tracks smaller U.S. names. When a stock gets added, index funds that track it often buy the shares to stay in line with the benchmark.