Space Exploration Technologies Corp (NASDAQ: SPCX) shares had another strong session in trading overnight, and if market watchers are to be believed, there’s likely to be ongoing support for the stock over the next week or so.
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Why are traders providing support for SpaceX shares?
This is because the stock is scheduled to be included in the Nasdaq 100 Index from the beginning of trade on Tuesday 7 July, meaning funds which track the index will be compelled to buy the stock.
Such funds include the US$800 billion Invesco QQQ Trust, and JP Morgan has reportedly estimated there will be at least US$4.3 billion in stock purchases by index-tracking funds.
The US$4.3 billion figure may not seem large…
