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AppLovin and Robinhood added to S&P 500

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Shares of advertising technology company AppLovin and stock trading app Robinhood Markets jumped in extended trading on Friday after S&P Global said the two will join the S&P 500 index.

The changes will go into effect before the beginning of trading on Sept. 22, S&P Global announced in a statement. AppLovin will replace MarketAxess Holdings, while Robinhood will take the place of Caesars Entertainment.

In March, short-seller Fuzzy Panda Research advised the committee for the large-cap U.S. index to keep AppLovin from becoming a constituent. Robinhood, for its part, saw shares slip 2% in June when it was excluded from a quarterly rebalancing of the index.

Technology companies Datadog and DoorDash became part of the S&P 500 earlier this year.

It’s normal for stocks to go up on news of their inclusion of a major index such as the S&P 500. Fund managers need to buy shares to reflect the updates.

AppLovin and Robinhood both went public on Nasdaq in 2021.

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