Moderna's (MRNA.O) stock dropped 2% in a volatile session on Tuesday, with the COVID-19 vaccine maker the most heavily traded company on Wall Street ahead of its debut in the S&P 500 on Wednesday.
Test tubes are seen in front of a displayed Moderna logo in this illustration taken, May 21, 2021. REUTERS/Dado Ruvic/Illustration/File Photostock dropped 2% in a volatile session on Tuesday, with the COVID-19 vaccine maker the most heavily traded company on Wall Street ahead of its debut in the S&P 500 on Wednesday.
Moderna joins the S&P 500 as of the start of trading on Wednesday. That means index funds managing over $5 trillion will have to have bought about 17% of the company's stock, according to Howard Silverblatt, a senior index analyst at S&P Dow Jones Indices. During Tuesday's session, Moderna surged as much as 9% and fell as much as 7%. The stock has gained about 18% since July 15, when S&P Dow Jones Indices announced its addition to the S&P 500.The latest volatility in Moderna's stock comes as concerns increase over the highly contagious Delta variant of COVID-19, now responsible for the majority of new infections. Fears about a resurgence in the virus slammed Wall Street on Monday.
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