Block Inc., the digital finance company formerly known as Square and founded by Jack Dorsey, is set to join the S&P 500 index effective July 23, 2025. The company will replace Hess Corp in the index following Chevron's acquisition of Hess. Block's stock surged approximately 9% to 11% in after-hours trading upon the announcement. The inclusion is expected to increase demand for about 54.2 million shares, representing roughly $11 billion in purchases by index funds, which is about 23% of Block's market capitalization and 19 times its daily trading volume. JPMorgan raised its price target for Block to $90 from $60, citing the S&P 500 addition as a factor boosting valuation due to product momentum and marketing. Block's Cash App, with 57 million monthly active users as of March, continues to gain traction, particularly in direct deposits, which is expected to improve medium-term gross profit. The addition of Block to the S&P 500 marks a milestone for fintech and crypto-focused firms gaining greater visibility and ETF exposure on Wall Street. Other companies such as Robinhood and AppLovin were speculated but not included in this rebalancing. Additionally, The Trade Desk, an ad tech firm, will also be added to the index.