S&P Dow Jones Indices announced that investment giant Blackstone Inc. and vacation-home rental platform Airbnb Inc. will be joining the S&P 500 index later this month, resulting in a surge in their after-hours stock prices on Friday.

The change is set to take effect on Monday, September 18th, and is part of a series of moves aimed at making each index more reflective of its market-capitalization range.

Airbnb, currently valued at $83.98 billion, has witnessed a remarkable 64.7% increase in its stock value this year. Blackstone, with a current worth of $129.29 billion, has seen its stock rise by 43.6% year-to-date.

Following the announcement, shares of Airbnb and Blackstone both surged, with gains of 5.7% and 4.8%, respectively, in after-hours trading.

As part of this change, Lincoln National Corp. and Newell Brands Inc. will be exiting the index and joining the S&P SmallCap 600.

In July, Blackstone proudly announced that it had achieved $1 trillion in assets under management, attributing its success to a growth trajectory that outpaced its private equity competitors.

Airbnb, on the other hand, revealed that travelers were seeking longer stays and larger accommodations in upscale areas, reflecting the enduring recovery in travel despite last year’s inflation surge. The company’s second-quarter results and third-quarter sales forecast exceeded Wall Street’s expectations.

In another update, S&P 500 member Deere & Co. is set to replace Walgreens Boots Alliance Inc. in the S&P 100, effective September 18th. S&P Dow Jones Indices noted that Walgreens is no longer representative of the megacap market space but will continue to be part of the S&P 500.

After the announcement, Deere’s stock saw a modest 0.2% dip in after-hours trading, while Walgreens’ stock registered a 0.4% increase.

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