Fintech giant Block is set to join the S&P 500 index as of July 23, replacing oil producer Hess, following Chevron’s $54 billion acquisition of Hess. The move comes after Block reported disappointing quarterly results and a weak forecast in May due to concerns over the macro environment. Despite underperforming the broader U.S. market this year, with shares down 14%, Block is valued above the median company in the index. The addition brings further tech heft to an index that has been steadily moving towards more tech-driven companies.
Source: https://www.cnbc.com/2025/07/18/block-shares-soar-on-entry-into-sp-500.html