Robinhood (HOOD) stock jumped more than 15% Monday morning following news that the company will soon be included in the S&P 500 (^GSPC). Robinhood, alongside AppLovin (APP) and Emcor (EME), is set to join the index during the next rebalancing on September 22, according to S&P Dow Jones Indices. The three companies will replace MarketAxess Holdings (MKTX), Caesars Entertainment (CZR), and Enphase Energy (ENPH).
In midday trading, AppLovin surged over 11%, while Emcor edged down slightly by less than 1%. Among the companies being removed, Caesars and Enphase fell more than 1% and 3%, respectively, while MarketAxess traded roughly flat.
Robinhood’s inclusion in the S&P 500 reflects its rapid growth over the past several years, fueled by the surge in retail trading during the pandemic. As Americans faced lockdowns and decreased spending, the brokerage platform saw trading revenue nearly double between Q1 and Q2 2020. The platform became a hub for the 2020–2021 meme-stock frenzy, highlighted by GameStop’s extraordinary gains, and its user base grew from 11.7 million in December 2020 to 21.3 million by June 2021. Robinhood also positioned itself early in the cryptocurrency market, allowing users to trade bitcoin during the crypto rally of the early 2020s.
The company raised $2.1 billion in its July 2021 IPO, reflecting its explosive pandemic-era growth, and generated $2.95 billion in revenue in 2024.
AppLovin, which provides analytics, advertisement technology, and monetization tools for app developers, saw its market capitalization grow from roughly $13.5 billion at the end of 2023 to more than $100 billion by December 2024, with $4.7 billion in revenue that year.
Emcor delivers industrial and energy infrastructure services to utilities, power plants, and refineries, and has positioned itself as a key provider for AI data centers, which are seeing significant expansion as Big Tech ramps up computing and energy capacity to support AI development. Emcor reported revenue of $14.57 billion in 2024.
Robinhood’s addition to the S&P 500 marks a milestone for the brokerage platform, cementing its status among the largest publicly traded U.S. companies and highlighting its continued influence in retail trading, cryptocurrency, and the broader financial technology space.
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