AppLovin and Robinhood will join the S&P 500 index before trading starts on September 22, according to S&P Global.

AppLovin, an ad technology firm, will replace MarketAxess Holdings, while Robinhood, a stock trading app operator, will take the spot of Caesars Entertainment.

Both companies went public on Nasdaq in 2021.

Shares of AppLovin and Robinhood each rose around 7% in after-hours trading, following the announcement.

Earlier this year, Datadog and DoorDash were also added to the S&P 500, which is known for its high concentration of large tech companies.

AppLovin recently made headlines for its attempt to acquire the US operations of TikTok from ByteDance.

🔗 Source: CNBC