Robinhood Markets Inc (NASDAQ:HOOD) shares jumped 13% to about $115 in early trading on Monday, while shares of AppLovin Corp (NASDAQ:APP) gained 11% to about $543, following an announcement that both companies will be included in the S&P 500 stock index after its next rebalancing on September 22.
Meanwhile, shares of Strategy, formerly known as MicroStrategy Incorporated (NASDAQ:MSTR), fell nearly 3% to $327 after the Bitcoin accumulator was left out of the popular, broad-based stock index despite posting a profit in its last quarter.
Strategy, with a market cap of more than $90 billion, is one of the largest companies not in the S&P 500 index.
Strategy (MSTR) also revealed in a regulatory filing on Monday that it has purchased 1,955 Bitcoin during the past week, valued at about $217.4 million.
Robinhood and AppLovin shares have soared about 191% and 59%, respectively, year to date.
Strategy stock has gained about 10% year to date but around 165% over the past 52 weeks.