Alphabet Replaces Verizon in Dow Jones Industrial Average

On June 29, 2026, Alphabet Inc. officially replaced Verizon Communications in the Dow Jones Industrial Average. Announced by S&P Dow Jones Indices on June 23, the shift increases the index's exposure to artificial intelligence, cloud computing, and digital advertising. Due to the index's price-weighted structure, Alphabet's share price of approximately $345.29 made it the sixth most influential company in the 30-stock benchmark upon entry.

Verizon was removed after a 22-year tenure due to poor historical growth and a low share price. Following the change, Alphabet shares rose up to 3.7 percent, while Verizon shares fell 7.8 percent to $42.03. This addition brings the number of Magnificent Seven companies in the Dow to five, joining Nvidia, Amazon, Apple, and Microsoft. Simultaneously, FTSE Russell reclassified Alphabet as a 100% pure growth stock, removing it from the Russell Top 200 Value Benchmark.

S&P Global, the index curator, requires inclusion candidates to demonstrate sustained growth and an excellent reputation. While Alphabet has seen its shares rise over 300 percent since January 2023, analysts noted that stocks entering the Dow typically underperform the S&P 500 over the following year. In other market developments, S&P Dow Jones Indices identified Nike as the index's biggest laggard and a candidate for future removal, while Space Exploration Technologies Corp. is scheduled to join the Nasdaq 100 on July 7.