Analyst: Robinhood is expected to be included in the S&P 500 index, which may trigger passive funds to buy heavily

According to Bloomberg, BofA analysts have identified Robinhood Markets Inc. as a "major candidate" in the upcoming S&P 500 index correction to be announced this Friday. The stock has recently hit a new four-year high with the rebound of the stock and cryptocurrency markets. If included, it is expected to trigger a concentration of passive funds tracking the index to buy. Coinbase's stock price had risen by 34% in the week when it was previously included. Analysts also mentioned that companies such as Ares Management, Carvana, and AppLovin have the potential to be selected.