It’s not unusual to see shares pop when a company is set to join the S&P 500, an index now linked to a staggering $20 trillion in global assets. But over the past decade, this effect had been losing steam... until recently.
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Sydney Sweeney is now moving the stock market: shares of American Eagle have continued to climb since the actress’s ad campaign was launched on Wednesday. That day, 13x more call options changed hands than the stock’s 20-day average, as r/WallStreetBets subredditors conducted their “due diligence” on the stock. Watch her ad campaign here.
The S&P 500 just barely managed to eke out another record close. The Nasdaq 100 also cinched a record close, while the Russell 2000 sank 1.4%. Consumer discretionary was the worst-performing sector, weighed down by Tesla, which fell 8% after CEO Elon Muskpondered the company’s challenges on its Q2 earnings call.
