From Yahoo Finance: 2025-06-09 07:47:00

Shares of Robinhood Markets dropped 6% as S&P Dow Jones Indices did not add them to the S&P 500 index, despite speculation. Bank of America analysts had touted Robinhood as a prime candidate for inclusion. Robinhood’s stock fell to $70.33, ending a six-day winning streak. AppLovin also dropped 4.6%.

Speculative traders were disappointed as Robinhood was not added to the S&P 500. To be included, a company must meet various criteria, including a market cap of $20.5 billion or higher. Robinhood’s market valuation was $66.1 billion, with shares doubling in value this year.

Crypto-exchange Coinbase Global was recently added to the S&P 500, the first digital asset player to join. Analysts anticipate Nippon Steel’s acquisition of U.S. Steel to impact the index next. CEO Phil Blancato warned of potential volatility in such situations where expectations don’t align with reality.

Read more: Robinhood shares fall as S&P 500 inclusion hopes dashed