CoreWeave Inc. (NASDAQ:CRWV) stock climbed about 10% on Tuesday, outperforming the broader technology sector even as investors pulled back from large-cap tech stocks. The Nasdaq fell 1.36%, while the S&P 500 slipped 0.29%.
The rally comes as investors continue to react to CoreWeave’s upcoming addition to the Nasdaq-100 Index. The stock also received support after Cantor Fitzgerald reiterated its Overweight rating and maintained its $167 price forecast on Tuesday.
Nasdaq said CoreWeave will join the Nasdaq-100 as part of its June quarterly rebalance, effective before the market opens on June 22. The inclusion is expected to drive demand from index-tracking funds that must buy shares to mirror the benchmark.
Cantor Sees Stronger Growth Than Investors Expect
In a research note published Monday, Cantor Fitzgerald said CoreWeave’s June bond offering memorandum contained supplemental financial disclosures that equity investors have largely overlooked.
