Shares of Coinbase Global ( COIN 25.01%) surged 23.8% higher at 2:30 p.m. ET on Tuesday, May 13. The operator of the leading cryptocurrency exchange in America will join the S&P 500 market index on its next update, scheduled for May 19.

The crypto exchange cited a drop in crypto prices as a result of U.S. President Donald Trump’s tariff policy and macroeconomic uncertainty as the reason behind the weak quarter.

Coinbase shares fell as first-quarter revenue came in shy of Wall Street's expectations, despite the growth in stablecoin revenue.In the quarter ended March 31, Coinbase earned $65.6 million, or 24 cents per share,

Coinbase is getting pulled into the core of traditional finance. On Monday, the company was picked to join the S&P 500, replacing Discover Financial

The crypto exchange's broadening product suite and dominant U.S. market position set it up well for the long term, many analysts said.

Shares of cryptocurrency exchange Coinbase (COIN) experienced a significant surge in after-hours trading on Monday following the landmark announcement that the company will be added to the prestigious S&P 500 stock index.

Most U.S. stocks rose May 13 following an encouraging report that showed inflation unexpectedly slowed across the country last month.

Tariffs-related price gains likely will show up in the data.These stocks were poised to make moves Tuesday:UnitedHealth was falling 6.7% as the health insurer named Stephen J. Hemsley as its CEO, following Andrew Witty’s decision to step down as chief executive for personal reasons,