Overview

• S&P Dow Jones Indices announced the changes late Friday, with the additions taking effect before the market opens on Sept. 22.
• Robinhood and AppLovin each rose about 7% after the news, while Emcor gained roughly 2% to 3% in post-market trading.
• Caesars Entertainment, MarketAxess and Enphase Energy will be removed from the large-cap benchmark, with the trio set to join the S&P SmallCap 600.
• Strategy (formerly MicroStrategy) was not selected despite meeting market-cap thresholds, and its shares slipped about 2% to 3% after hours.
• Coverage tied Robinhood’s inclusion to improving fundamentals, citing Q2 revenue of $989 million and net income of $386 million, after the committee had previously passed over both Robinhood and AppLovin.