By Kimberly Chin 
 

Intercontinental Exchange Inc. said Thursday that it will replace Twitter Inc. with Microsoft Corp. in the NYSE FANG+ Index as part of its quarterly rebalancing of the index.

The equal-dollar weighted index comprises some of the most highly traded growth stocks in the technology, media and communications, and consumer discretionary sectors, including Facebook Inc. (now Meta Platforms Inc.), Apple Inc., Amazon.com Inc., Netflix Inc. and Alphabet Inc.'s Google. The index has 10 constituents all together.

"The addition of Microsoft stock into the NYSE FANG+ Index is an important change that will ensure that the index continues to be a leading benchmark for measuring the performance of U.S. listed technology and tech-enabled companies," ICE Chief Strategy Officer David Goone said in prepared remarks.

Twitter's shares have tumbled 20% this year and closed at $44.07 on Wednesday. Microsoft's shares have gained 47% year to date and ended Wednesday at $334.65.

The changes will go into effect on Dec. 20.

 

Write to Kimberly Chin at kimberly.chin@wsj.com

 

(END) Dow Jones Newswires

December 16, 2021 11:58 ET (16:58 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.
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