Block (XYZ) shares surged close to 10% in extended trading Friday after S&P Dow Jones Indices said the digital payments provider will be replacing Hess (HES) in the S&P 500 Index.

The change will take effect prior to the start of trading next Wednesday, according to S&P Dow Jones Indices, after Chevron (CVX) said Friday it completed its $53 billion purchase of Hess.

Block’s entry marks the second change to the benchmark index announced this week after The Trade Desk (TTD) replaced software maker Ansys on Friday in the wake of Ansys’ acquisition by chip design software provider Synopsys (SNPS).

Joining the S&P 500 can boost a company’s stock, as other instruments that track the index buy shares of companies added to it, among other benefits. While The Trade Desk’s stock finished Friday’s session lower, it’s added about 6% since its entry to the index was announced Monday.

Last week, Datadog (DDOG) also joined the S&P 500, after Hewlett Packard Enterprise (HPE) completed its acquisition of Juniper Networks.

Shares of Block were down about 14% for 2025 through Friday’s close.