Block to Replace Hess in S&P 500 Index

Block Inc. will join the S&P 500 index, replacing Hess Corp., effective July 23, 2025. Chevron Corp.'s acquisition of Hess Corp. closed on July 18, 2025. Block will become the new S&P 500 constituent, while Hess Corp. will be deleted from the index.

Block Inc. (NYSE: XYZ), formerly known as Square, will replace Hess Corp. (NYSE: HES) in the S&P 500 index, effective July 23, 2025 [1]. The change comes following Chevron Corp.'s (NYSE: CVX) acquisition of Hess Corp., which closed on July 18, 2025 [2].

The addition of Block Inc. to the S&P 500 index is a significant milestone for the financial technology company. Block Inc., founded in 2009 by Jack Dorsey and Jim McKelvey, has grown from a small payment processor to a diversified financial services provider serving millions of merchants and consumers globally. The company provides payment processing, financial services, and software solutions through products like Square and CashApp, as well as tools for payroll and cryptocurrency trading.

The inclusion of Block Inc. in the S&P 500 is expected to drive significant stock movements due to the mandatory buying activity required by funds that track the index. This upward pressure on the stock price is a common phenomenon when a company joins the S&P 500 [2].

Hess Corp., which will be deleted from the S&P 500, has been acquired by Chevron Corp. The acquisition adds world-class assets, including the Guyana and U.S. Bakken fields, to Chevron's diversified global portfolio [3]. The transaction is expected to be accretive to cash flow per share by 2025 and drive significant free cash flow and production growth into the 2030s [3]. However, integration challenges and market volatility remain key factors to monitor.

References:
[1] https://www.prnewswire.com/news-releases/block-set-to-join-sp-500-302508976.html
[2] https://www.investing.com/news/stock-market-news/block-stock-surges-after-sp-500-inclusion-announcement-93CH-4142637
[3] https://www.gurufocus.com/news/2987643/chevron-corp-cvx-completes-acquisition-of-hess-corporation-cvx-stock-news