The shares of the block rise 10% when entering the S&P 500

Block Shares jumped over 10% on prolonged trading on Friday as Fintech joined to join the S&P 500 replacing the S&P 500 HessusS

This is the second change in the indicator this week after S&P Global declared On Monday this advertising company Bureau will be added to the S&P 500. The Trade Bureau occupies the place of the Ansys software manufacturer that has been acquired by Synopsis In a deal that closed on Thursday.

Hess’s departure comes right after Shevron completed its oil purchase of $ 54 billion prevailing against Exxon Mobil In a legal dispute on offshore oil assets in the South American nation Guyana.

Block will officially join the S&P 500 before the opening of trading on July 23, according to a statement by S&P. Shares are often collected when added to a basic index, as fund managers must balance their portfolios to reflect changes.

Most changes to the S&P 500 are carried out during the quarterly balancing of the index. However, in the event of a closure of the acquisition, a company can be removed from the index and replaced by graphics. Last week Software Monitoring Company Datadog borrowed Juniper Networks In S&P 500 as part of the three -month change in the index.

The Block supplement has led to an additional technological impact to an index that has been constantly moving in this direction in recent years, reflecting the profits of market restrictions of companies throughout the sector. A block that has gained popularity as a square due to the rapid growth of the company’s payment terminals has expanded in cryptocurrency, lending and other financial services.

Founded by Jack Dorsy in 2009, Square changed your name to block in 2021 to emphasize its focus on blockchain technology.

The block shares dropped by 14% this year, a smaller than the wider market in the United States. NASDAQ is over 8%, while the S&P 500 has earned 7%. Still, with a market cap of about $ 45 billion, the block is estimated well above the average company in the index.

In May, Block reported The results of the first quarter This missed Wall Street’s expectations on Thursday and issued a disappointing perspective, which led to immersion in the price of the shares. The Block Block’s Forever for the Second Quarter and Full Year reflected challenging economic conditions that followed extensive reports of tariffs from President Donald TrumpS

“We acknowledge that we are working in a more dynamic macro environment, so we have reflected a more precautionary position on the macro perspectives in our directions for the rest of the year,” the company wrote in its three -month report.

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

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