The S&P 500 has new company… or companies, rather.
S&P Global announced Friday that adtech company AppLovin and fintech goliath Robinhood will be added to the S&P 500, replacing MarketAxess Holdings MKTX and Caesars Entertainment CZR in the index’s quarterly makeover. The changes will take effect before the market opens on Sept. 22.
The additions of the high-flying stocks comes after being passed over in recent shakeups to the index, as additions like Datadog DDOG and DoorDash DASH surprised investors. That was, in part, because of their size: AppLovin and Robinhood were the first and third most valuable firms not already in the index, valued at $166 billion and $90 billion respectively.
A lesser-known industrial name, Emcor Group Inc. (EME) will also join the index in the changes, replacing an ailing Enphase Energy (ENPH) .
This story is breaking news and more information will be added shortly.
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