Following their exclusion from the S&P 500, shares of Robinhood and Microstrategy experienced a decline in after-hours trading. This marked another setback for the companies, which had been widely considered contenders for inclusion on the benchmark index, despite recent stock surges. Meanwhile, Interactive Brokers’ entry into the S&P 500 spurred gains for its shares. The move to include Interactive Brokers saw them rise nearly 4%, while Robinhood and Microstrategy witnessed a dip, mirroring Bitcoin’s pullback. MicroStrategy’s decline correlated with Bitcoin’s movement, highlighting the company’s reliance on the cryptocurrency market. The decision highlights the specific criteria for S&P 500 inclusion: companies must meet a minimum market capitalization of $22.7 billion and have headquarters in the US while listing on either the NYSE, Nasdaq, or Cboe. This exclusion follows Robinhood’s previous rejection in June after missing out on a similar opportunity. MicroStrategy’s stock has also declined, likely due to factors such as its reliance on Bitcoin and a broader downturn in the cryptocurrency market.