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CNBC's Tanay Macheel joins 'Closing Bell' to talk Coinbase joining the S&P 500.
Nothing good happens below the 200-day moving average, according to a quote often attributed to legendary trader Paul Tudor Jones. So what happens when the S&P 500 pushes back above the closely watched level?
Coinbase Global Inc., the largest US cryptocurrency exchange, will be added to the S&P 500 Index in the latest milestone for the booming digital-asset industry. The company will replace Discover Financial Services in the index prior to the start of trading on May 19.
Coinbase headed for its best day on the market since the day after President Donald Trump's election victory in November. The crypto exchange is getting added to the S&P 500, a move that leads index investors to buy the stock to match the benchmark.
One of the world's most well-known stock market indexes, the S&P 500, will soon look a little different. That's because its roster of 500 companies is getting a shakeup, which will see the cryptocurrency exchange Coinbase Global join the index.
Goldman Sachs analysts are growing more bullish on the S&P 500's growth prospects after the U.S. and China agreed to pare back tariffs on each other's imports for 90 days.
Shares of Coinbase Global Inc (NASDAQ:COIN) rose nearly 19% on Tuesday after S&P Dow Jones Indices announced the cryptocurrency exchange will join the S&P 500, marking a major milestone for the digital-asset sector. The move makes it the first crypto-focused company to be added to the benchmark U.S.
Coinbase's Q1 2025 results were mixed, with revenue at $2.03 billion and EPS missing estimates by 87%, but the market reaction was neutral. Subscription and services revenue, a key highlight, grew to $698.1 million, representing 34% of total revenue, showcasing resilience against crypto market volatility. Institutional trading volume dominated, but retail trading powered revenue, indicating strong retail sentiment for Q2 and potential transaction revenue uplift.
The US indices that I follow all look as if they are trying to digest some of the massive gains we have seen over the previous 24 hours, as markets are getting a bit frothy at the moment.
Coinbase Global's shares jumped nearly 10% in premarket trading on Tuesday after the cryptocurrency exchange became the first digital asset player to be included in the benchmark S&P 500 index.