Reddit stock was falling on Tuesday, with the social-media platform set to join the S&P 500 before the market opens.
Shares dipped 0.7% to $163.31 ahead of the opening bell. Futures tracking the S&P 500 were 0.5% lower as a recent chip rally ran out of steam.
S&P Dow Jones Indices said last week that Reddit would replace AvalonBay Communities in the S&P 500 before trading opens on Tuesday.
The stock surged following that announcement but gave up some of its gains on Monday, dropping 7.6% as fears about higher inflation battered most of the market.
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