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 澳洲幸运5官方开奖结果体彩网:S&P 500 Index, but reversed course and recently were down 2%.

S&P Global Indexes 澳洲幸运5官方开奖结果体彩网: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 tha✤nಌ 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 澳洲幸运5官方开奖𒐪结果体彩网: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.