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June 29 (Reuters) - Alphabet shares climbed on Monday as the Google parent made its debut in the blue-chip Dow Jones Industrial Average, replacing Verizon Communications, and immediately ranking among its most influential members.
• Its shares rose 3.7% to $350.24, offering one of the biggest boosts to the 30-member Dow.
• The company replaced Verizon on the index, S&P Dow Jones Indices said in an announcement on June 23.
• As a higher-priced stock, Alphabet carries more weight in the price-weighted index than Verizon did, which was one of its least influential members, and broadens the Dow's exposure to digital advertising, cloud computing and AI.
• The addition lifts to five the number of 'Magnificent Seven' members in the Dow, alongside Nvidia, Amazon, Apple and Microsoft.
• The previous reshuffle in November 2024 brought in Nvidia and Sherwin-Williams in place of Intel and Dow Inc.
• Index funds tracking the Dow must buy Alphabet to mirror the change, but the demand is likely to be modest: the Dow had about $115 billion in assets indexed and benchmarked to it as of December 31, 2024, against roughly $20 trillion for the S&P 500, where Alphabet is already a member, according to S&P Dow Jones Indices.
• Alphabet shares are up roughly 11% this year, as of last close, among the best performers in the Magnificent Seven group of tech mega-caps.
• The 130-year-old Dow remains one of the most widely cited gauges of U.S.
• Verizon shares fell 7.8% to $42.03 in a broad retreat in telecom stocks after Comcast said it would split into two publicly traded companies through a spinoff of NBCUniversal and Sky.
(Reporting by Medha Singh in Bengaluru; Editing by Joyjeet Das).
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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