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Robinhood, AppLovin and Emcor Added to S&P 500 in Sept. Rebalance

The additions prompt automatic buying by index trackers, highlighting the committee judgment that passed over MicroStrategy.

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
Robinhood beats Strategy to S&P 500 Index, MSTR stock slips 2.9%
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Overview

  • Robinhood Markets, AppLovin and Emcor will join the S&P 500 before the open on Sept. 22, according to S&P Dow Jones Indices.
  • MarketAxess, Caesars Entertainment and Enphase Energy will be removed from the benchmark and shifted to smaller‑cap indexes.
  • Shares of Robinhood and AppLovin jumped about 7% in after‑hours trading following the announcement, while Emcor rose around 2% to 3%.
  • MicroStrategy, long seen as a contender due to its market value and large Bitcoin holdings, was not selected, underscoring the index committee’s discretion beyond numerical screens.
  • Index inclusion is expected to drive passive fund purchases that embed the new constituents into major portfolios, with Robinhood’s strong Q2 results cited in coverage as bolstering its case.