Robinhood and AppLovin rally after S&P 500 inclusion; Strategy falls after missing out

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Financial advisor interacts with a digital interface displaying machine learning data insights.

AppLovin Corporation (NASDAQ:APP) and Robinhood Markets (NASDAQ:HOOD) soared in postmarket trading on Friday after the two companies were added to the S&P 500 Index to replace MarketAxess Holdings (MKTX) and Caesars Entertainment (CZR).

The S&P 500 Index is rebalanced

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