Reddit (REDD) Joins S&P 500, Shares Surge 12% Ahead of Deadline

Reddit's shares rose 12.9% in premarket trading after it was announced that the social media platform would join the S&P 500, beginning August 18. Reddit will replace AvalonBay Communities in the index. Conversely, Applied Materials (AMAT) saw its shares fall more than 5% after reporting Q2 results that included earnings of $3.50 per share on revenue of $9.12 billion, slightly exceeding expectations for its semiconductor systems division. This news is significant for investors as the inclusion in the S&P 500 may increase Reddit's visibility and attract more investment.