SpaceX to be added to the Nasdaq-100

CNBC's Leslie Picker reports that SpaceX will be added to the Nasdaq-100 after the close tonight, forcing index funds to buy an estimated $4.3 billion of the stock. The initial weight will be small, but the float is set to grow as lockups expire and secondaries occur. The segment notes that markets often front-run such well-known index changes. - SpaceX joins Nasdaq-100 after the close tonight, triggering forced passive buying. - JPMorgan estimates $4.3 billion in forced purchases by index-tracking funds. - Over half of the $800 billion in Nasdaq-100 tracking assets sit in Invesco's QQQ. - Initial weight under 1%; impact on existing constituents negligible. - Float set to increase via lockup expirations (as soon as next month) and potential secondary offerings. - Nasdaq recently changed rules to fast-track mega-cap companies with small floats. - Markets often front-run rebalances, especially well-telegraphed ones.