Being directly named in a congressional probe for funneling investments into blacklisted entities could lead to negative investor sentiment towards BlackRock, affecting its stock price negatively in the short term. The potential for increased regulatory scrutiny and reputational damage is high, given the serious nature of the allegations.

MSCI's identification in the probe as a facilitator of investments into blacklisted Chinese firms could lead to a decline in stock price due to possible regulatory repercussions and a dent in investor confidence. The direct mention in the investigation suggests a significant impact on MSCI's operations and investor perception.

Although SPY is not directly implicated, its exposure to companies like BlackRock and MSCI, which are under scrutiny, could lead to indirect effects on its performance. Investors in SPY should be aware of the potential for market reactions to the probe's findings, although the direct impact may be limited.