Tesla’s S&P 500 Debut; Bumble IPO Filing

Congress finally reached an agreement in principle on the next round of pandemic relief spending.

That good news — which had been eagerly anticipated by markets for months, was tempered by the news of a fast-spreading COVID-19 mutation in Europe, particularly in the U.K., which has now imposed strict lockdowns on much of the country, including London.

The Dow Jones Industrial Average rose 37 points, or 0.1%, to finish at 30,216.

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Tesla’s underwhelming debut. After much fanfare and hype, the world’s most valuable carmaker, electric vehicle giant Tesla (ticker: TSLA), finished down around 6.5% on Monday as investors in the high-flying stock decided to “sell on the news” as the company was added to the benchmark S&P 500.

Due to Tesla’s large market capitalization — it’s worth about $616 billion — the index will add Tesla shares to its holdings over the first two trading days of the week instead of all at once.

Bumble confidentially files for an IPO. Dating app Bumble has reportedly filed confidentially for an initial public offering, one that may come in February — perhaps around Valentine’s Day — and seek a valuation of between $6 billion and $8 billion.

There should almost undoubtedly be strong investor demand for Bumble, as right now Match Group ( MTCH) is the only major publicly traded play on the growth of online dating. Match Group owns Tinder, Match, Hinge and Plenty of Fish, and several other online matchmaking services.

Nike jumps on online sales. Nike ( NKE) ended as the third-largest gainer in the S&P 500 on Monday, with a 4.9% gain, after the athletic apparel and shoe giant reported impressive earnings. The most notable part of its success last quarter was digital sales, which grew 84% year over year.

The company’s longtime investments in online retail, when combined with its practically untouchable brand, make a nice pairing for shareholders.

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Tesla’s S&P 500 Debut; Bumble IPO Filing originally appeared on usnews.com

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