AppLovin and Robinhood added to S&P 500

In a significant development for the finance and tech sectors, shares of AppLovin, a prominent player in advertising technology, and Robinhood Markets, a well-known stock trading app, surged in after-hours trading on Friday. This spike follows the announcement from S&P Global that both companies will be added to the S&P 500 index. The inclusion of AppLovin and Robinhood will take effect before the opening of trading on September 22. According to S&P Global's statement, AppLovin will replace MarketAxess Holdings, while Robinhood will take the spot of Caesars Entertainment. This move comes on the heels of scrutiny from short-seller Fuzzy Panda Research, which had previously urged the committee overseeing the large-cap U.S. index to reconsider AppLovin's eligibility. Meanwhile, Robinhood faced a setback in June when its shares dipped by 2% after being omitted from a quarterly rebalancing of the S&P 500. Earlier this year, notable technology firms Datadog and DoorDash successfully joined the ranks of the S&P 500, underscoring the ongoing evolution of the index. As this story develops, updates will be provided, reflecting the dynamic nature of the stock market.