Trade Desk to Join S&P 500 After Ansys Deal

The Trade Desk's shares rose over 14% in after-hours trading after it was announced that the company will join the S&P 500 index, replacing Ansys upon the completion of Synopsys’ acquisition of Ansys. The inclusion, set to take effect before trading opens on July 18, is an off-schedule index adjustment prompted by the acquisition. The decision led to declines in shares of other contenders, Robinhood and AppLovin. The Trade Desk, founded in 2009, competes with major firms like Amazon and Google and operates a cloud-based platform for digital ad buyers. Despite a 36% year-to-date stock price decline, the company has a $37 billion market cap. S&P 500 inclusion is expected to boost demand for its shares due to portfolio rebalancing by fund managers.