S&P 500 welcomes new member: Financial technology company Block (XYZ.US) replaces energy producer Hess (HES.US)

According to the latest information from the Wise Financial APP, the American financial technology company Block (XYZ.US) (formerly Square) is about to be included in the S&P 500 index. This change highlights the continuous rise of digital payments and cryptocurrencies in the mainstream financial sector. According to an announcement by S&P Dow Jones Indices, the component stock adjustment will take effect before the market opens on July 23, with Block replacing HES.US as a new member of the benchmark index. After the news was announced, Block's stock price soared 14% after hours, with the market reacting positively.