Pre‑Market Highlights: Reddit Jumps on S&P 500 Inclusion, Applied Materials Slides on Soft Q2, While Other Names Move

Reddit Inc. jumped 12% in premarket trading after S&P Dow Jones Indices announced the social‑media platform will join the S&P 500 on August 18, replacing AvalonBay Communities. Applied Materials fell more than 5% as the semiconductor‑equipment maker reported second‑quarter results that missed expectations: adjusted earnings of $3.50 per share on $9.12 billion of revenue, with its semiconductor‑systems division generating $7.04 billion—just above the $6.96 billion consensus. Wayfair rose 4% following a Bernstein upgrade to outperform, with analysts noting the retailer’s high‑single‑digit U.S. revenue growth in a stagnant furniture market. Workday gained about 2% after a nearly 18% rally on Thursday—its best session in a decade—triggered by Reuters reports that private‑equity firm Silver Lake is in talks to acquire the company. Fox Corporation climbed 2% after upgrades from JPMorgan and Wells Fargo, which cited strong momentum at Roku ahead of Fox’s $22 billion acquisition of the streaming platform. SanDisk advanced 5% after a JPMorgan analyst raised the stock to overweight, praising the memory maker’s new long‑term “take‑or‑pay” business model that has improved margins and reduced cyclicality.

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