# Tesla stock is giving back what it gained in the last minute before entering the S&P 500

This is how Michael O’Rourke, chief market strategist at JonesTrading described the final minutes of Tesla’s stock as a non-S&P 500 member.

“Based upon the approximately 70 million shares that traded on the close, it appears the index funds pre-traded tens of millions of shares,” O’Rourke wrote in a note to clients.

He said more than 55 million shares paired off in the final minutes of the session, but it was the last 12-to-15 million shares that caused the spike in prices into the final print.

“Up until that final minute of the session, 69.4 million shares had traded at an average price of $665.07,” O’Rourke wrote.

The stock officially entered the S&P 500 after Friday’s closing bell.

The stock was recently down $35.66, or 5.1%, at $659.34. But that price was just $5.73, or 0.9%, below the average price up until Friday’s final minute, as funds scrambling to buy the stock ahead of S&P 500 inclusion really goosed the price. In comparison, the S&P 500
SPX,
-1.34%
was down 1.4%.

Don’t miss: Buying Tesla stock? Here’s what one analyst says as it enters the S&P 500.

Also read: Tesla stock price target gets a 28% boost at Wedbush, but not enough to recommend buying.

As an example of the hectic trading in the final seconds, here’s a small snapshot of time-and-sales from FactSet:

The SPDR S&P 500 exchange-traded fund
SPY,
-1.27%,
which would’ve been one of those funds needed to add Tesla, had $318.37 billion assets under management as of the Dec. 18 close, compared with $318.19 billion as of Thursday’s close, even as the “Spiders” fell 0.8% on Friday after closing at a record on Thursday.