Veeva Systems to join the S&P 500, replacing Coterra Energy
Veeva Systems joins the S&P 500, boosting shares as index funds buy in. See why the cloud software stock is rallying and what the move means now.
Veeva Systems will be added to the S&P 500 index before trading opens on May 7, replacing Coterra Energy, according to S&P Dow Jones Indices. Coterra is leaving the benchmark because it is being acquired by Devon Energy.
Veeva, which provides cloud software for life sciences companies and drugmakers, rose nearly 10% in extended trading after the announcement. Stocks often move higher when they are added to major indexes because indextracking funds need to buy shares to reflect the change.
The move makes Veeva one of several technology companies added to the S&P 500 in recent months. The company has faced pressure this year as investors worry that artificial intelligence could disrupt cloud software businesses, and its shares were down about 30% in 2026 before the latest rally. Veeva reported quarterly profit and revenue growth in March, and its competitors include Amazon, Iqvia, Microsoft, Oracle, and Salesforce.