"AppLovin and Robinhood Markets helped lead the market after learning they will join the S&P 500 index later this month, along with Emcor Group. Many investment funds directly mimic the index or at least compare their performance against it, so a stock's joining the list of the 500 largest companies can draw investors' dollars immediately. AppLovin climbed 10.2%, and Robinhood jumped 13.4% while Emcor slipped 0.1%."
"EchoStar jumped 15.1% after saying it agreed to sell spectrum licenses to Elon Musk's SpaceX for $17 billion in cash and stock. SpaceX also agreed to pay for roughly $2 billion of interest payments on EchoStar debt through November 2027. The deal will help SpaceX's Starlink business develop direct-to-cell service, and it knocked down stocks of other telecoms. Verizon sank 1.8%, and AT&T dropped 1.7%."
The S&P 500 rose 0.2% and remained just below its recent record while the Nasdaq gained 0.5% and the Dow was slightly lower. AppLovin and Robinhood surged after being slated to join the S&P 500 later this month, a move that can attract index-focused investor flows. EchoStar jumped after agreeing to sell spectrum licenses to SpaceX for $17 billion, with SpaceX covering about $2 billion of EchoStar interest and advancing Starlink’s direct-to-cell plans, pressuring other telecom stocks. PNC agreed to buy FirstBank for $4.1 billion. Trading was subdued ahead of key economic and inflation reports that could reshape Fed cut expectations.
Read at Fortune
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