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.