Shares of Robinhood Markets have hit a new all-time high thanks to its strong growth outlook and improved financial position. Digital bank SoFi Technologies (NASDAQ: SOFI) and online brokerage Robinhood Markets (NASDAQ: HOOD) both leverage their innovative platforms to disrupt the traditional financial services sector.

An announcement of any changes to the S&P 500 index components is likely to come around 5:15 p.m. ET on Friday. Any additions and subtractions to the index likely would take effec