S&P 500 Changes Effective Sept 22: APP, HOOD, EME In

Effective Date: September 22, 2025

Source: S&P Dow Jones Indices official announcement

Additions to the S&P 500

1. AppLovin (APP)

   • Mobile app technology company focused on gaming, AI-driven app discovery, and monetization platforms.

   • Added in place of MarketAxess Holdings (MKTX).

2. Robinhood Markets (HOOD)

3. Emcor Group (EME)

   • Construction and facilities services provider, specializing in mechanical and electrical construction, industrial services, and energy efficiency.

   • Added in place of Enphase Energy (ENPH).

Removals from the S&P 500

(These firms will move to the S&P SmallCap 600)

• MarketAxess Holdings (MKTX) – electronic bond trading platform.

• Caesars Entertainment (CZR) – casino and hospitality operator.

• Enphase Energy (ENPH) – solar energy technology firm.

 Market Implications

• ETF and Index Fund Flows:
  
  Index-tracking funds (SPY, IVV, VOO, etc.) will sell shares of MKTX, CZR, ENPH and buy APP, HOOD, and EME. This usually leads to short-term stock price volatility around rebalancing.

• Sector Impact:

  • Tech weighting increases with AppLovin and Robinhood.

  • Industrial exposure strengthened with Emcor.

  • Energy and consumer discretionary exposure trimmed with the removal of Enphase and Caesars.

• Investor Takeaway:
  
  Such changes highlight growing importance of app-based platforms and diversified industrial services in the U.S. economy, while volatility in energy tech and gaming sectors drives exits.