Fintech giant Block rose roughly 10% in aftermarket trading on news that the company is set to replace Hess in the S&P 500 on Wednesday, July 23.
The announcement from S&P Global came after trading hours on Friday. Getting added to the benchmark index that underpins millions of portfolios and funds usually coincides with a rally in the stock.
Block, which owns Cashapp and Square, was down 14% this year as of market close on Friday.
SpaceX received more than a dozen positive analyst calls on Tuesday — including from major Wall Street banks — as they initiate coverage on Elon Musk’s space and AI company.
SpaceX went public on June 12 at a $2.2 trillion valuation, the largest debut in history. While the company hasn’t yet posted a profit, it seems to have convinced Wall Street that it will get there and grow its valuation on the way.
Of the at least 17 analysts that gave a rating on Tuesday, all but one gave it a “buy” or “outperform” rating. MoffettNathanson was "neutral."
The ratings come as SpaceX joined the Nasdaq 100 index, a benchmark tech-heavy basket of companies that underpins millions of portfolios. The inclusion adds built-in demand for the stock from index funds and ETFs.
Still, SpaceX fell more than 5% on Tuesday amid a broader sell-off, and is currently effectively flat from its opening price of $150 a share.
