The major indices followed Monday’s raucous rally with a tamer, flatter Tuesday. The Dow Jones Industrial Average declined 0.6% off its record high to 29,783, while the Nasdaq Composite slipped by a thin 0.2% to 11,899.
But the relative calm belied a number of exciting developments over the past 24 hours.
One of the market’s most anticipated initial public offerings (IPOs) is one step closer to happening, as vacation rental marketplace Airbnb filed its S-1 – an important precursor to an eventual offering.
And Tesla (TSLA, +8.2%) shot higher following Monday night’s announcement that it would join the S&P 500 Index.
Wedbush analyst Daniel Ives called the development “a major feather in the cap for the Tesla bulls after much agonizing around not getting into the S&P 500 in early September.” It’s a complicated move, too – funds benchmarked to the index will have to make billions of dollars’ worth