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U.S. Stock Market To See Trading Frenzy As Tesla Joins S&P 500

The U.S. stock market could see a burst of trading activity today ahead of Tesla's official addition to the S&P 500 on Monday, the Wall Street Journal reports, noting the EV maker would be the company with the largest market capitalization to join the world's most widely tracked index.

It is because of this popularity of the S&P 500—and Tesla's size—that trading will likely jump towards the end of the day, according to traders. Indeed, index funds will need to up their stock buying to continue tracking the S&P 500 after Tesla joins it. The company was worth almost $622 billion at the time of writing.

Last month, Tesla shares surged after S&P Dow Jones Indices announced that the EV manufacturer would be included in the S&P 500 index.

Back then, S&P Dow Jones Indices said that "Due to the large size of the addition, S&P Dow Jones Indices is seeking feedback through a consultation to the investment community to determine if Tesla should be added all at once on the rebalance effective date or in two separate tranches ending on the rebalance effective date."

The feedback was obviously in favor of an all-at-once addition.

Tesla, meanwhile, cashed in on the stock surge it enjoyed this year, announcing a $5- billion new share issue earlier this month. Tesla's shares have soared by 667 percent since the start of the year and by 855 percent since this time last year. The company raised cash twice this year.

"Tesla is on the verge of a profound model shift from selling cars to generating high margin, recurring software, and services revenue … To only value Tesla on car sales alone ignores the multiple businesses embedded within the company," Morgan Stanley's managing director of research Adam Jonas wrote in a note to investors earlier this month.

By Irina Slav for Oilprice.com

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