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Investing.com -- Block Inc (NYSE:XYZ) stock jumped 10% following the announcement that it will be added to the S&P 500 index, replacing Hess Corp (NYSE:HES), which was acquired by Chevron Corp (NYSE:CVX).
S&P Dow Jones Indices announced that the change will take effect prior to the opening of trading on Wednesday, July 23, 2025. The inclusion in the prestigious index comes after Chevron’s acquisition of Hess closed on July 18.
Block, formerly known as Square, is a financial technology company founded in 2009 by Jack Dorsey and Jim McKelvey. The company provides payment processing, financial services, and software solutions for businesses and individuals through products like Square and CashApp, as well as tools for payroll and cryptocurrency trading.
Index inclusion typically drives significant stock movements as it requires funds that track the S&P 500 to purchase shares of the newly added company. This mandatory buying activity often creates upward pressure on the stock price.
Meanwhile, Robinhood Markets Inc (NASDAQ:HOOD) and Applovin Corp each fell approximately 1% as investors reacted to these companies being passed over for inclusion in the index.
Block’s addition to the S&P 500 represents a milestone for the fintech company, which has grown from a small payment processor to a diversified financial services provider serving millions of merchants and consumers globally.
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