&w=3840&q=100)
Jack Dorsey's Block to join S&P 500 index, replacing Hess after merger
The fintech firm will replace Hess Corp. in the benchmark, following Chevron Corp.'s $53 billion acquisition of the energy producer.
The changes will go into effect prior to the start of trading on July 23, according to a press release from S&P Dow Jones Indices Friday. Shares of Block rose as much as 14 per cent in after-hours trading.
Block, formerly known as Square, has evolved from a payments processor into a broader fintech player, offering peer-to-peer transfers, merchant services, and increasingly, consumer lending.
Earlier this year, Block's industrial bank subsidiary Square Financial Services Inc. received approval from the US Federal Deposit Insurance Corp. to begin offering consumer loans directly through the Cash App Borrow product.
The company is also integrating Bitcoin payment capabilities into its Square terminals, reflecting Dorsey's long-standing advocacy for Bitcoin. He remains an influential voice in the digital-asset world, recently sharing open-source coding projects on X.
Block is aiming to turn Cash App into a full-scale banking and lending product, even as the company grapples with uneven earnings results.
Inclusion in the US equity benchmark can elevate a company's profile and is becoming more important as passive investment funds grow. Expulsion from the benchmark can weigh on stock prices, as index funds sell shares to realign with the S&P 500's new composition.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Economic Times
26 minutes ago
- Economic Times
Cryptocurrency Live News & Updates : Smart Money Faces $12.48M Losses on Altcoin Shorts
22 Jul 2025 | 12:55:12 AM IST A smart money address, known as @ai_9684xtpa, is experiencing unrealized losses of $12.48 million after shorting various altcoins, following a recent market rally. In the latest cryptocurrency news, a smart money address has reported significant unrealized losses of $12.48 million due to short positions on altcoins, as the market has surged. Meanwhile, BNB has dipped below 760 USDT, showing only a slight increase of 1.23% in the last 24 hours. On a more positive note, the Blockchain Group has added 22 Bitcoin to its holdings, achieving an impressive 1,373% yield year-to-date, with its total BTC holdings now valued at $233.5 million. Bitcoin itself has seen a modest rise of 1.21% in the past day, trading close to the $120,000 mark. Additionally, the Thai SEC is considering easing testing requirements for retail crypto investors, aiming to reduce burdens while ensuring investment risks are aligned with product risks. Lastly, the Reserve Bank of Australia faces scrutiny as it holds interest rates steady despite weak inflation, with upcoming policy meeting minutes and a speech from Governor Bullock expected to provide clarity on future monetary policy decisions. These developments highlight the dynamic nature of the cryptocurrency market and regulatory landscape. Show more
Time of India
26 minutes ago
- Time of India
Cryptocurrency Live News & Updates : Smart Money Faces $12.48M Losses on Altcoin Shorts
22 Jul 2025 | 12:55:12 AM IST A smart money address, known as @ai_9684xtpa, is experiencing unrealized losses of $12.48 million after shorting various altcoins, following a recent market rally. In the latest cryptocurrency news, a smart money address has reported significant unrealized losses of $12.48 million due to short positions on altcoins, as the market has surged. Meanwhile, BNB has dipped below 760 USDT, showing only a slight increase of 1.23% in the last 24 hours. On a more positive note, the Blockchain Group has added 22 Bitcoin to its holdings, achieving an impressive 1,373% yield year-to-date, with its total BTC holdings now valued at $233.5 million. Bitcoin itself has seen a modest rise of 1.21% in the past day, trading close to the $120,000 mark. Additionally, the Thai SEC is considering easing testing requirements for retail crypto investors, aiming to reduce burdens while ensuring investment risks are aligned with product risks. Lastly, the Reserve Bank of Australia faces scrutiny as it holds interest rates steady despite weak inflation, with upcoming policy meeting minutes and a speech from Governor Bullock expected to provide clarity on future monetary policy decisions. These developments highlight the dynamic nature of the cryptocurrency market and regulatory landscape. Show more
Economic Times
28 minutes ago
- Economic Times
U.S. stock market hits fresh record highs—Dow, S&P 500, Nasdaq climb, driven by Verizon, Block, Cleveland‑Cliffs gains
Synopsis US Stock market today saw the Dow, S&P 500, and Nasdaq inch higher as Wall Street kicked off a packed week of Big Tech earnings and rising concerns over President Trump's upcoming tariffs. The S&P 500 rose 0.5%, Nasdaq gained 0.7%, and the Dow added 0.4%. Investors are closely watching earnings from Alphabet and Tesla, set to report midweek. Meanwhile, trade tensions with the EU are growing as the August 1 tariff deadline nears. Despite risks, 86% of early S&P 500 reports have beaten expectations. This week could shape the future of both markets and global trade. Wall Street kicked off the week with a powerful rally as all three major U.S. indexes—the Dow Jones, S&P 500, and Nasdaq Composite—surged to new highs on Monday. Investors poured into equities amid upbeat corporate earnings, cooling Treasury yields, and renewed optimism over a potential U.S.–EU trade deal ahead of the looming August 1 tariff deadline. Tech stocks led the charge, with Block, Verizon, and Cleveland-Cliffs posting standout gains, while all eyes now turn to this week's much-anticipated earnings from Tesla and Alphabet. US Stock market today: Dow, S&P 500, Nasdaq edge higher as investors brace for Big Tech earnings and Trump tariffs- US Stock market today opened the week on a positive note as Wall Street cautiously stepped into a Big Tech-heavy earnings season, while also watching for signs of escalation around President Donald Trump's proposed tariffs. The S&P 500 (^GSPC) rose 0.5% and the Nasdaq Composite (^IXIC) gained 0.7%, continuing last week's strong performance driven by growth and tech stocks. The Dow Jones Industrial Average (^DJI) was up nearly 0.4% as Monday's trading session closed. With earnings season heating up and trade policy becoming more uncertain, investors are juggling optimism and caution. Reports from Alphabet (GOOG) and Tesla (TSLA) later this week are set to dominate headlines, while tensions between the US and EU over trade agreements remain unresolved. S&P 500 rose approximately 0.3–0.5% , reaching a new all-time high near 6,315 . rose approximately , reaching a new all-time high near . Nasdaq Composite jumped around 0.5–0.7% , also setting a fresh record above 21,000 . jumped around , also setting a fresh record above . Dow Jones Industrial Average gained modestly, about 0.1–0.4%, settling just below its all‑time peak. As the second-quarter earnings season ramps up, all eyes are on Alphabet and Tesla, the first of the so-called "Magnificent Seven" to report results. These earnings will be critical in justifying the current high valuations of tech stocks, especially with investor sentiment so closely tied to the AI boom. Out of the 59 S&P 500 companies that have already posted their Q2 results, a striking 86% have beaten Wall Street estimates, according to Bloomberg. While this beat rate is historically impressive, it's worth noting that expectations were modest to begin with. Any strong performance from Alphabet or Tesla this week could reinforce investor confidence in continued tech sector dominance. Several key catalysts are powering the bullish sentiment across Wall Street: Strong corporate earnings : Verizon, Cleveland-Cliffs, and Block all reported better-than-expected results, pushing their stocks sharply higher. : Verizon, Cleveland-Cliffs, and Block all reported better-than-expected results, pushing their stocks sharply higher. Tech optimism : Investors are gearing up for big earnings from Alphabet and Tesla this week. : Investors are gearing up for big earnings from and this week. Trade relief hopes : Speculation is rising that the U.S. and EU could strike a deal ahead of the August 1 tariff deadline , easing global trade tensions. : Speculation is rising that the U.S. and EU could strike a deal ahead of the , easing global trade tensions. Falling Treasury yields: The 10-year yield has eased to around 4.37%, which is boosting appetite for equities, especially in tech. Tensions are rising on the trade front, especially between the United States and the European Union. With President Trump's August 1 tariff deadline fast approaching, concerns about a breakdown in negotiations are growing. The EU, according to Bloomberg, is now open to a slightly imbalanced deal just to avoid new US tariffs. However, resistance within EU member states and Trump's tougher public stance are slowing progress. Commerce Secretary Howard Lutnick over the weekend described the August 1 deadline as a 'hard stop' for compliance, though he added that conversations may continue even past that point. These mixed signals are keeping global investors on edge. Domino's Pizza (DPZ) offered a rare bright spot outside tech on Monday. The company's Q2 sales beat estimates, driven by strong customer interest in its new product lineup. Despite the broader uncertainty around tariffs and consumer sentiment, Domino's showed resilience, helping to steady the consumer discretionary sector for the day. Verizon Communications (VZ) and Cleveland-Cliffs (CLF) also released updates Monday, but the focus clearly remained on upcoming tech reports and global trade developments. Here are some of Monday's biggest winners on Wall Street: Block (SQ) : 📈 Surged +8.3% after being selected to join the S&P 500 index. : 📈 Surged after being selected to join the S&P 500 index. Cleveland-Cliffs (CLF) : 📈 Gained +7.4% after a strong earnings beat. : 📈 Gained after a strong earnings beat. Verizon (VZ) : 📈 Rose +3.3% thanks to upbeat Q2 earnings and raised full-year guidance. : 📈 Rose thanks to upbeat Q2 earnings and raised full-year guidance. Meta Platforms (META): 📈 Added over +2% amid strong rotation into big tech. While most of the market is green, a few notable names are under pressure: Sarepta Therapeutics (SRPT) : 🔻 Fell -2.2% after the FDA halted its gene therapy trial due to safety issues. : 🔻 Fell after the FDA halted its gene therapy trial due to safety issues. Domino's Pizza (DPZ) : 🔻 Slid -1.6% despite beating sales estimates—investors were spooked by weaker profits. : 🔻 Slid despite beating sales estimates—investors were spooked by weaker profits. Microsoft (MSFT): 🔻 Down slightly at -0.6%, following some minor tech pullbacks. CoreWeave : ⚡ Up around +3% amid AI enthusiasm. : ⚡ Up around amid AI enthusiasm. Robinhood (HOOD), Roblox (RBLX), MercadoLibre (MELI): 👎 All slipped 2–3%, weighed down by disappointing updates and sector rotation. Within Dow Jones components: Apple (AAPL) : 📈 Up +0.7% : 📈 Up American Express (AXP) : 📈 Gained +0.4% : 📈 Gained Microsoft (MSFT): 🔻 Down slightly Domino's Pizza (DPZ) surged after reporting stronger-than-expected Q2 sales , driven by the success of new menu items and solid customer demand. surged after reporting stronger-than-expected , driven by the success of new menu items and solid customer demand. The earnings beat helped boost investor confidence , despite broader market uncertainty around tariffs. , despite broader market uncertainty around tariffs. Stock Movement: DPZ jumped over 5% during the session. DPZ jumped over during the session. Highlight: Strong product innovation offset macroeconomic concerns. The market's current strength — especially in the S&P 500 and Nasdaq — is raising questions about whether valuations have run ahead of fundamentals. The AI-led rally has pushed many tech stocks near or past all-time highs. Investors will be watching this week's earnings closely to see if results truly back up the excitement. Some analysts worry that this stretch is starting to resemble past tech bubbles, though others argue that actual earnings and real-world AI adoption are finally catching up with investor enthusiasm. Cleveland-Cliffs (CLF) was among the worst performers after its quarterly report missed Wall Street expectations , with pressure from weaker steel demand and rising input costs. was among the after its quarterly report , with pressure from weaker steel demand and rising input costs. The stock faced additional drag from concerns over future tariff impacts on the commodities and manufacturing sector. Stock Movement: CLF fell by more than 4% on the day. CLF fell by on the day. Highlight: Disappointing earnings and tariff exposure hit investor sentiment. With Alphabet and Tesla reporting Wednesday, followed by more Magnificent Seven companies later in the season, earnings data will shape the narrative. Beyond that, the looming August 1 trade deadline and any updates from the White House on tariffs will be key. So far, strong corporate results have offset global concerns — but that balance could quickly shift if Big Tech disappoints or trade talks break down. Investors are advised to stay alert and watch both earnings numbers and geopolitical headlines as they unfold. The stock market today is riding a wave of optimism from early earnings results and hopes that trade talks won't derail the rally. But with crucial tech updates and global tensions ahead, this week could set the tone for the rest of the quarter. Q: What moved the stock market today? A: Gains in Big Tech stocks and tariff concerns pushed markets slightly higher. Q: Why are Alphabet and Tesla earnings important this week? A: They're the first major tech firms reporting and could impact overall market direction.
