Shortly after markets opened on Tuesday, DocuSign (DOCU) and MDU Resources Group (MDU) saw gains of 8% and 4%, respectively, following S&P Global’s announcement of index changes.
MDU is moving to the S&P SmallCap 600 index, bumping Chuy Holdings (CHUY), while DocuSign is expected to take MDU’s place in the S&P MidCap 400 index.
According to S&P Global, Darden Restaurants (DRI), a member of the S&P 500 Index, is acquiring Chuy, and the latter decision was based on that acquisition. In addition, MDU intends to spin off its subsidiary, Everus Construction Group, later this month.
Changes to the index will take effect before Friday’s market opening.
Before Friday’s trading begins, each index move will take effect.
Stocks frequently get a lift or turn lower when S&P Worldwide movements the enrollment of its records since consideration opens them to a more extensive gathering of financial backers who could become mindful of an organization through a file. Additionally, they can be incorporated into a variety of stocks-tracking index funds. The reverse is also true.
MDU Resources Group shares are up 44% in 2024, while DocuSign shares are up about 14% year to date.
