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13h ago

AppLovin and Robinhood To Join S&P 500 on Sept. 22

The move is set to draw passive inflows as funds align with the benchmark.

The logo of Robinhood Markets, Inc. is seen at a pop-up event on Wall Street after the company's IPO in New York City, U.S., July 29, 2021. REUTERS/Andrew Kelly/File Photo
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Overview

  • S&P Global said the changes take effect before the opening bell on Sept. 22 as part of a quarterly rebalancing.
  • AppLovin will replace MarketAxess Holdings, and Robinhood will take Caesars Entertainment’s spot in the index.
  • Shares of both companies rose about 7% in extended trading after the announcement.
  • Caesars, Enphase Energy and MarketAxess will move to the S&P SmallCap 600, while Emcor will join the S&P 500 in Enphase’s place.
  • The selections follow earlier passes by the index committee and are expected to trigger buying by index-tracking funds.