APP Shares Hit All-Time High, HOOD Stock Nears Record After S&P 500 Inclusion
Synopsis
Shares of Robinhood jumped 15% in morning trade, trading just 1.3% lower than its record high.
Shares of AppLovin (APP) jumped to a record high of over $555 on Monday morning following its addition to the S&P 500 index.
APP stock later pared gains but remained up about 10% in morning trading. On Stocktwits, retail sentiment around the tech company improved to ‘bullish’ from ‘neutral’ a day ago, with message volume at ‘high’ levels. The stock was also among the top trending tickers on the platform at the time of writing.
Shares of Robinhood (HOOD), also joining the S&P 500, jumped 15% in morning trade. HOOD stock was trading at around $116.11, just 1.36% from its previous record high of over $117. The exchange was among the most actively discussed tickers on Stocktwits alongside AppLovin. Retail sentiment around HOOD’s stock on the platform trended in ‘bullish’ territory over the past day, with chatter jumping to ‘extremely high’ from ‘high’ levels.
According to S&P Dow Jones Indices, AppLovin replaced MarketAxess Holdings (MKTX) in the benchmark index, with Robinhood taking over Caesars Entertainment’s (CZR) spot. MKTX stock edged 0.48% lower in morning trade, while CZR stock was down 1.4%. According to an ongoing poll on Stocktwits, retail traders expect Michael Saylor-backed MicroStrategy (MSTR) to be the next stock to join the S&P 500.
The momentum in APP and HOOD was also supported by the S&P 500, which rose 0.4%. The SPDR S&P 500 ETF (SPY) rose in tandem with retail sentiment on Stocktwits, trending in ‘bullish’ territory amid ‘high’ levels of chatter over the past day.
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