The stock block increases by 10% upon accession to S&P 500

Block Friday stock jumped more than 10%when Fintech intends to join the S&P 500 by replacing Gees.

This is the second benchmark this week after S&P Global announced Monday is this special firm Shopping table will be added to the S&P 500. The Trade Desk takes place manufacturer Ansys that was purchased Consistent The agreement that closed on Thursday.

Departure Hes comes immediately after Chevron Ended the purchase of oil manufacturers by $ 54 billion prevailing against Exxon Mobil In the legal dispute over offshore oil assets in the South American nation Guyana.

Block officially joining the S&P 500 before the opening of trading on July 23, according to statement from S&P. Reserves are often combined when they add to the main index, as fund managers need to balance their portfolios to display changes.

Most changes to the S&P 500 occur during the quarterly balance of the index. However, if the company is closed, you can remove from the index and replace the schedule. Last week software monitoring software Water took the place of Juniper Networks in S&P 500 As part of the quarterly change of index.

The block application leads to further technological impact to the index, which has been steadily moving in this direction in recent years, which reflects the market success of the companies in the sector. The block that has gained popularity as a square from the rapid growth of the company’s payment terminals has expanded to cry, lending and other financial services.

Founded by Jack Dorsi in 2009, an area changed its name Block in 2021 to emphasize your Blockchain technology.

This year’s blocks decreased by 14%rather than speaking in the US wide market. NASDAQ increased by more than 8%and the S&P 500 scored 7%. However, with a market cap of about $ 45 billion, the block is estimated much higher than the average company in the index.

In May reports Block The results of the first quarter This missed expectations on Wall -Strit on Thursday and released a disappointing outlook, which led to a fall in the value. The block forecast for the second quarter and the full year reflects the complex economic conditions that followed President Donald Trump.

“We admit that we are working in a more dynamic macro -yuds, so we reflected a more cautious position on macro -grazing in our directions for the rest of the year,” the company wrote in its quarterly report.

The company is planned Report the results of the second quarter after closing the regular bidding on August 7.

See: Lifting the blues