GM Swaps the NYSE for Nasdaq in Tech Push

General Motors wants Wall Street to see it as a tech company. The legacy carmaker plans to leave the historic New York Stock Exchange. Soon, its shares will trade on the tech-heavy Nasdaq instead.

This swap gives the Detroit giant a shot at joining the elite Nasdaq-100 index. That index tracks the largest non-financial companies on the exchange. Joining that group forces large index funds to buy GM stock.

The move highlights the company push into electric vehicles and smart software. GM continues to fund new tech to challenge rivals like Tesla. The automaker will keep its familiar ticker symbol, GM.

For everyday investors, existing shares will switch over automatically. New demand from giant index funds could support the stock price over time.

Source: Fox Business