Apollo Global Management Stock Pulls Back After Hitting All-Time High

Key Takeaways

Shares of asset manager Apollo Global Management (

APO

) hit an all-time high soon after trading began Monday on news it will be added to the
S&P 500 Index
, but reversed course and recently were down 2%.

S&P Global Indexes
announced on Friday
that Apollo and human resources software provider Workday (

WDAY

) would be added to the prestigious index at the opening of trading on Dec. 23. Workday stock is surging more than 6% Monday afternoon.

They will replace radio frequency semiconductor maker Qorvo (

QRO

) and defense technology company Amentum Holdings (

AMTM

). Both Qorvo and Amentum Holdings will move into the S&P SmallCap 600 Index, replacing employment services firm Kelly Services (

KELYA

) and
real estate investment trust (REIT)
Service Properties Trust (

SVC

), respectively.

Joining the S&P 500 often gives a company’s stock price a boost because the shares can be added to various index-tracking funds, giving them more exposure to investors.

Shares of Apollo Global Management have been on a tear this year, soaring nearly 90% to an all-time high. Workday shares, which have been little changed year-to-date, moved into positive territory for 2024 with today’s rise.

UPDATE—This story has been updated with the latest share price information.

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