LIVE MARKETS-Robinhood prime candidate to join S&P 500 in rebalance, BofA says

Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at markets.research@thomsonreuters.com

ROBINHOOD PRIME CANDIDATE TO JOIN S&P 500 IN REBALANCE, BOFA SAYS

U.S.-based online brokerage Robinhood HOOD.O is the primary candidate to join the large-cap S&P 500 .SPX index when it announces its quarterly index rebalancing on Friday, June 6, Bank of America said in a note.

Cheniere Energy LNG.N, Flutter Entertainment FLUT.N, Veeva Systems VEEV.N, Carvana CVNA.N, Ares Management ARES.N and Applovin APP.O are other potential candidates for addition, analysts at BofA wrote on June 3.

"For Robinhood and Ares Management, which aren't a part of the S&P 400, we would expect significant buying activity from passive funds," the analysts said.

The inclusions could also boost demand for the companies, as funds tracking the U.S. benchmark index would need to add them to their portfolios.

Robinhood shares have already had a strong run, climbing to their post-IPO highs in 2021. The firm said on Thursday assets across its platforms reached an all-time high of over $250 billion in May.

On the other hand, Invesco IVZ.N is at risk of being migrated to mid-cap S&P 400 .IDX index as its the fifth smallest company in the S&P 500.

Cryptocurrency exchange Coinbase Global COIN.O became the first digital asset player to be included in the benchmark index last month, Discover Financial DFS.N in a watershed moment for the crypto industry.

(Medha Singh)

EARLIER ON LIVE MARKETS:

US STOCKS STEP BACK, BUT DEFENSE SHARES ATTEMPT TO CONTINUE TO GEAR UP CLICK HERE

WITH TECH ON A TEAR, NASDAQ TARGETS ITS HIGHS CLICK HERE

ISRAELI SHEKEL MAY NOT BE THE POSTER BOY FOR DISINFLATION STORY CLICK HERE

RETAIL INVESTORS TAKE ON RISKIER BETS DESPITE UNCERTAINTIES CLICK HERE

SPECULATORS STAY PUT ON WEAKENING CONSUMER CONFIDENCE - HAZELTREE CLICK HERE

EUROZONE BANK VALUATION REVIVAL TO CONTINUE - UNICREDIT CLICK HERE

QUIET START, TRAVEL SECTOR TOP FALLER CLICK HERE

BEFORE THE BELL: AWAITING THE ECB, AND NATO MEETING CLICK HERE

SWITCH 2 DEBUTS BUT NO FUN-AND-GAMES IN TRADE CLICK HERE