{"id":20030,"date":"2025-07-18T22:33:03","date_gmt":"2025-07-18T22:33:03","guid":{"rendered":"https:\/\/www.newsbeep.com\/us\/20030\/"},"modified":"2025-07-18T22:33:03","modified_gmt":"2025-07-18T22:33:03","slug":"block-shares-soar-10-on-entry-into-sp-500","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us\/20030\/","title":{"rendered":"Block shares soar 10% on entry into S&P 500"},"content":{"rendered":"

Jack Dorsey, co-founder and chief executive officer of Twitter Inc. and Square Inc., listens during the Bitcoin 2021 conference in Miami, Florida, on Friday, June 4, 2021.<\/p>\n

Eva Marie Uzcategui | Bloomberg | Getty Images<\/p>\n

Block<\/a> shares jumped more than 10% in extended trading on Friday, as the fintech company gets set to join the S&P 500, replacing Hess<\/a>.<\/p>\n

It’s the second change to the benchmark this week, after S&P Global announced<\/a> on Monday that ad-tech firm The Trade Desk<\/a> would be added to the S&P 500. Trade Desk is taking the place of software maker Ansys, which was acquired by Synopsys<\/a> in a deal that closed Thursday.<\/p>\n

Hess’ departure comes just after Chevron<\/a> completed its $54 billion purchase of the oil producer, prevailing against\u00a0Exxon Mobil<\/a>\u00a0in a legal dispute over offshore oil assets in the South American nation of Guyana.<\/p>\n

Block will officially join the S&P 500 before the opening of trading on July 23, according to a statement<\/a> from S&P. Stocks often rally when they’re added to a major index, as fund managers need to rebalance their portfolios to reflect the changes.<\/p>\n

Most alterations to the S&P 500 take place during the index’s quarterly rebalancing. However, in the case of the closing of an acquisition, a company can be removed from the index and replaced off schedule. Last week monitoring software company\u00a0Datadog<\/a>\u00a0took Juniper Networks’ place\u00a0in the S&P 500<\/a>\u00a0as part of the index’s quarterly change.\u00a0<\/p>\n

Block’s addition brings further tech heft to an index that’s been steadily moving in that direction in recent years, reflecting the market cap gains of companies across the sector. Block, which gained popularity as Square due to the rapid growth of the company’s payment terminals, has expanded into crypto, lending and other financial services.<\/p>\n

Founded by Jack Dorsey in 2009, Square changed its name<\/a> to Block in 2021 to emphasize its\u00a0focus on blockchain technologies.<\/p>\n

Block shares are down 14% this year, underperforming the broader U.S. market. The Nasdaq is up more than 8%, while the S&P 500 has gained 7%. Still, with a market cap of about $45 billion, Block is valued well above the median company in the index.<\/p>\n

In May, Block\u00a0reported first-quarter results<\/a> that missed Wall Street expectations on Thursday and issued a disappointing outlook, leading to a plunge in the stock price. Block’s forecast for the second quarter and full year reflected challenging economic conditions that followed sweeping tariff announcements by President Donald Trump<\/a>.<\/p>\n

“We recognize we are operating in a more dynamic macro environment, so we have reflected a more cautious stance on the macro outlook into our guidance for the rest of the year,” the company wrote in its quarterly report.<\/p>\n

The company is scheduled<\/a> to report second-quarter results after the close of regular trading on Aug. 7.<\/p>\n

WATCH: The rise of Bluesky<\/a><\/p>\n

\"The<\/p>\n","protected":false},"excerpt":{"rendered":"Jack Dorsey, co-founder and chief executive officer of Twitter Inc. and Square Inc., listens during the Bitcoin 2021…\n","protected":false},"author":2,"featured_media":20031,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[11918,116,5681,28,122,17557,1072,12,1872,1530,17556,3484],"class_list":["post-20030","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-block-inc","tag-breaking-news-markets","tag-breaking-news-technology","tag-business","tag-business-news","tag-chevron-corp","tag-donald-j-trump","tag-donald-trump","tag-energy","tag-fintech","tag-hess-corp","tag-synopsys-inc"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/20030","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=20030"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/20030\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/20031"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=20030"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=20030"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=20030"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}