SpaceX Rallies 7.2% on Monday After Russell 1000 Inclusion

According to Barron's, SpaceX (SPCX-US) surged 7.2% to $164.19 on Monday (June 29), its first full trading day after being officially added to the Russell 1000 Index on Friday. The stock has faced headwinds despite several potential catalysts, but index inclusion may provide modest support given that Russell-tracking passive funds manage only tens of billions in assets, far below the trillions tracking the S&P 500.

SpaceX is also set to join the Nasdaq-100 Index on July 7, which could provide a stronger boost. Numerous passive funds, including the Invesco QQQ ETF, will simultaneously purchase shares upon inclusion.