Alphabet joins Dow replacing Verizon after nearly 3.7% stock gain
Google's parent company, Alphabet, just landed a spot in the Dow Jones Industrial Average, booting out Verizon and signaling how much tech is taking over Wall Street.
With this move, the Dow gets even more tied to digital ads, cloud computing, and AI.
After the news broke on June 23, Alphabet's stock popped up nearly 3.7%, making it one of the most influential companies in this famous index.
Dow index funds to reshuffle holdings
Alphabet now joins other tech giants like Apple, Amazon, Microsoft, and NVIDIA as Magnificent Seven members in the Dow.
While funds that track the Dow will need to buy more Alphabet shares (hello index reshuffling), overall demand might not skyrocket since there's way less money tracking the Dow compared to bigger indexes like the S&P 500.
Still, with an 11% gain already this year, Alphabet keeps proving it's a major player in tech.