(Reuters) -AppLovin, Robinhood Markets and Emcor Group will join the benchmark S&P 500 before market open on September 22, S&P Dow Jones Indices said on Friday.
Shares of Robinhood rose 7.3% in extended trading. While AppLovin climbed 7%, Emcor gained 2.2%.
Inclusion in the S&P 500 typically boosts a company’s stock price as passive funds and exchange-traded funds tracking the benchmark are forced to buy in, creating a demand surge.
Analysts also view it as a sign of financial stability and broader market credibility, prompting increased interest from institutional investors.
AppLovin, Robinhood and Emcor will replace MarketAxess, Caesars Entertainment and Enphase Energy, respectively, on the index.
(Reporting by Arasu Kannagi Basil and Manya Saini in Bengaluru; Editing by Shilpi Majumdar)
Brought to you by www.srnnews.com