Overview

• S&P Dow Jones Indices announced late Friday that it would keep the S&P 500 unchanged for June, leaving Robinhood off the benchmark
• Robinhood’s shares slid about 5% to around $71 in premarket trading Monday after touching a record high last week
• The online brokerage’s market capitalization stood at $66.1 billion as of Friday’s close, well above the $20.5 billion eligibility threshold
• Robinhood’s stock has more than doubled this year amid rebounds in both equities and cryptocurrency trading volumes
• Coinbase Global’s 24% stock surge following its recent S&P 500 addition highlights the passive fund inflows Robinhood foregoes