Robinhood Joins the S&P 500 in Historic Market Milestone
Robinhood’s inclusion in the S&P 500 marks a defining moment for the trading app, alongside AppLovin and Emcor, as Wall Street reshuffles its large-cap lineup.

Robinhood Markets (HOOD) is joining the S&P 500, a milestone that signals the trading app has graduated into the top tier of U.S. public companies. In the same rebalance, AppLovin (APP) and Emcor Group (EME) will also enter the index, replacing MarketAxess Holdings (MKTX), Caesars Entertainment (CZR), and Enphase Energy (ENPH). The changes take effect prior to the open on Monday, September 22, 2025, as part of S&P Dow Jones Indices’ quarterly reshuffle.
If you follow index mechanics, you know this is a big deal. Inclusion in the S&P 500 isn’t just symbolic—it often triggers significant passive fund demand as ETFs and index funds align their holdings. That buying pressure can buoy the stock into the effective date and sometimes beyond.
Why S&P 500 Inclusion Matters
Forced buying from index trackers. Trillions of dollars mirror the S&P 500. When a name is added, passive vehicles buy, active managers adjust, and market makers hedge—creating a short window of structural demand.
Liquidity, spreads, and options depth. Membership typically improves tradeable liquidity and narrows bid-ask spreads. Options markets also tend to deepen, giving institutions and retail traders more ways to express views or hedge risk. (That’s one reason you’ll often see open interest jump around inclusion dates.)
Market Reaction at the Open
Stocks tied to the announcement surged in early trading today, with Robinhood and AppLovin posting double-digit gains, while Emcor also traded higher. Several outlets flagged the pre-market pop and early-session strength as investors digested the S&P changes. Meanwhile, the outgoing trio—MarketAxess, Caesars, and Enphase—were mixed to slightly lower.
