Wall Street Meets Web3: Fintech ETFs, SPY, VOO To Get Jack Dorsey Upgrade As Block Joins S&P 500
Jack Dorsey’s Block Inc (NYSE:XYZ) has officially entered the big leagues, and index-tracking ETFs such as SPDR S&P 500 ETF TRUST (NYSE:SPY) and Vanguard S&P 500 ETF (NYSE:VOO) are coming along for the ride.
Stocks of the fintech titan famous for its Square point-of-sale machines and Cash App, rose by almost 8% in regular trading on Monday morning following news that the firm would be included in the S&P 500 index. The addition, effective before Wednesday’s market open, is a milestone event for Block and a disruption for S&P 500-tracking ETFs.
Block will take the place of Hess Corp (NYSE:HES), which is being taken over by oil behemoth Chevron Corp (NYSE:CVX), in the S&P 500 roster.
Also Read: Block Stock Is Soaring Monday: What’s Going On?
Why ETFs Such As SPY & VOO Matter
The headline action doesn’t only concern Block shareholders; it could have spillover effects on passive ETFs such as the SPY and VOO, which must now include millions of Block shares to …
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