Block Shares Jump 10% After S&P 500 Inclusion Announcement

NEW YORK — Shares of fintech firm Block Inc. rose over 10% in extended trading on Friday following news that the company will be added to the S&P 500 index on July 23, replacing Hess Corporation.

The change comes after Chevron completed its $54 billion acquisition of Hess, prompting the oil company’s removal from the benchmark index. Block’s addition reflects the S&P 500’s ongoing shift toward technology and growth-focused firms.

Block, formerly known as Square, was founded in 2009 by Jack Dorsey and is best known for its payment terminals, Cash App platform, and growing involvement in blockchain and digital finance. The company rebranded to Block in 2021 to highlight its broader fintech and blockchain ambitions.

Inclusion in the S&P 500 often triggers investor interest, as index funds and asset managers are required to adjust holdings to match the composition of the index. Block’s current market valuation of approximately $45 billion places it well above the S&P’s median company size.

The S&P Dow Jones Indices statement confirming the move noted that Block will be officially added before the market opens on July 23.

Earlier in the week, The Trade Desk was also added to the index, replacing Ansys, which was acquired by Synopsys. These adjustments follow the S&P 500’s standard practice of updating its composition during major acquisitions and quarterly rebalancing periods.

Despite Friday’s surge, Block shares remain down 14% year-to-date, lagging behind broader market benchmarks. The Nasdaq Composite is up more than 8%, and the S&P 500 has gained about 7% over the same period.

In May, Block reported disappointing first-quarter earnings and issued a cautious outlook due to economic uncertainty. The company cited a dynamic macroeconomic environment, including global trade pressures, as a reason for its weaker guidance.

Block is expected to report its Q2 results on August 7, where investors will be watching for updates on revenue growth, profitability, and performance in its key business segments.