Veeva Systems surges 11% pre-market after S&P 500 inclusion announcement

Veeva Systems stock jumped 11.37% in pre-market trading on May 1 following news of its upcoming inclusion in the S&P 500 index, expected before trading starts on May 7. This inclusion typically triggers buying by index funds, driving the stock price higher. Michael Burry, known for his bearish market views, revealed a significant position in Veeva, suggesting he anticipates short-term gains despite his warnings of a major market downturn around 2028. The move highlights how index fund mechanics can create price momentum even amid broader market concerns.