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

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On June 5th, according to Bloomberg, Bank of America stated that Robinhood Markets Inc. is the company "most likely" to be included in the S&P 500 index component adjustment to be announced this Friday. This milestone event will drive passive funds to buy large quantities of the online brokerage's stocks.

A team led by Bank of America analyst Craig Siegenthaler noted in a report that Robinhood became the focus of investor attention during a meeting about potential index changes for financial stocks. As US stocks and cryptocurrency markets rise, Robinhood's stock price continues to surge.

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