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Block to Join S&P 500 on July 23, Replacing Hess

Block’s shares jumped over 10% in after-hours trading on expectations that index funds will buy its stock after Chevron’s acquisition of Hess.

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Overview

  • S&P Dow Jones Indices confirmed that Block will replace Hess in the S&P 500 before trading opens on July 23, 2025.
  • Block shares surged more than 10% in extended trading after the inclusion announcement as passive and active funds prepared to rebalance their holdings.
  • Chevron’s $53 billion acquisition of Hess prompted an off-cycle removal of the oil producer from the benchmark, creating the vacancy filled by Block.
  • This entry is the second change to the S&P 500 this week, following The Trade Desk’s addition in place of Ansys during the quarterly reshuffle.
  • Formerly known as Square, Block has grown into a blockchain-focused fintech platform with about a $45 billion market cap despite recent first-quarter results that missed forecasts and a cautious outlook.