Robinhood, AppLovin Additions Lead S&P 500 Index Changes

Three new companies will join the S&P 500 later this month.

Trading platform Robinhood Markets (HOOD) and mobile app monetization company AppLovin (APP) are set to join the benchmark index on Sept. 22, according to S&P Dow Jones Indices, part of a quarterly rebalancing.

They will replace Caesar’s Entertainment (CZR) and MarketAxess Holdings (MKTX), respectively. Emcor (EME), meanwhile, will take the place Enphase Energy (ENPH).

Leading up to the decision, investors engaged in a favored niche pastime: trying to guess—and, perhaps, trade ahead of the news—what the picks might be. Robinhood and and Applovin were popular suggestions; so was bitcoin treasury company Strategy (MSTR), which didn’t make the cut.

Strategy’s shares rose Friday, though those of Robinhood and AppLovin retreated during the regular session. Recap Investopedia’s live coverage of today’s trading here.

S&P Dow Jones Indices has in recent months changed companies both for company-specific business reasons—in August, for example, it tapped Interactive Brokers (IBKR) to replace Walgreens Boots Alliance (WBA) with the latter set to be taken private later this year, while Block (XYZ) joined earlier this summer after Hess was acquired—and as part of its periodic rebalancing efforts.

The S&P 500 rebalancing process takes place quarterly—in March, June, September and December—though no changes were announced in June.

Caesar’s, Enphase and MarketAxess will join the S&P SmallCap 600, S&P Dow Jones Indices said.