AppLovin (NASDAQ: APP) was one of two much-loved stocks over the recent past that markets dumped on June 9. This was in reaction to news coming from S&P Global (NYSE: SPGI). The financial services company operates the market’s most important benchmark, the S&P 500 Index.
For AppLovin and Robinhood Markets (NASDAQ: HOOD), investor disappointment was palpable when they learned that the index would not add these names to its constituents. AppLovin ended the day down over 8%, while Robinhood dropped 2%.
