Key Points
* Alphabet will replace Verizon in the Dow Jones Industrial Average on June 29.
* Alphabet, the parent of Google, has one of the largest market capitalizations in the world.
* Honeywell Aerospace will join the S&P 500, replacing Conagra Brands.
* Honeywell would remain in the Dow following the completion of its spin off of Honeywell Aerospace.
* The California-based company will join megacap tech peers Nvidia, Amazon, Apple and Microsoft in the blue-chip index
S&P Dow Jones Indices said of the Alphabet addition; “Alphabet’s diversified technology and digital services portfolio spans advertising, cloud infrastructure, artificial intelligence, hardware, autonomous mobility, healthcare technology, and media distribution.”