Jack Dorsey, co-founder and CEO of Twitter Inc. and Square Inc., will listen at the Bitcoin 2021 conference held in Miami, Florida on Friday, June 4th, 2021.
Eva Marie Uzcategui | Bloomberg | Getty Images
Block stocks surged more than 10% in extended trading on Friday as FinTech Company joined the S&P 500 and replaced HESS.
This is the second change to this week’s benchmark after S&P Global announced that the ad tech company will be added to the S&P 500 this week. TradeDesk replaces software maker ANSYS.
Hess’ departure comes shortly after Chevron completed the $54 billion purchase of oil producers that will win against ExxonMobil in a legal dispute over offshore oil assets in South American Guyana countries.
Most changes to the S&P 500 are made during the index quarterly rebalancing. However, if the acquisition ends, you can remove the company from the index and replace it with an out-of-scheduled one. Last week, Datadog, which monitors software company Datadog, acquired Juniper Networks status on the S&P 500 as part of a quarterly change in the index.
The addition of Block brings even more technical weight to the index, which has been steadily moving in that direction in recent years, reflecting the profits of companies’ market capitalizations across the sector. Bloc, which gained popularity as Square due to the rapid growth of the company’s payment terminal, has expanded to crypto, lending and other financial services.
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