Reddit Inc.

(NYSE:RDDT) stock is rising Friday after S&P Dow Jones Indices announced the company will join the S&P 500 index.

The announcement came late Thursday.

Nasdaq futures are up 0.20% while S&P 500 futures have gained 0.09%.

Reddit Set to Join Benchmark Index S&P Dow Jones Indices said Reddit will replace AvalonBay Communities Inc.