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Alphabet to join the Dow on June 29, replacing Verizon and prompting index-tracking funds to buy

Alphabet (GOOGL) is set to be added to the Dow Jones Industrial Average on June 29, replacing Verizon. The change is expected to force billions of dollars in passive index funds and ETFs that track the benchmark to buy shares, creating short-term, systematic demand. Options pricing already reflects a bullish tilt, with June 29 expiries implying roughly a 2.4% upside target. The stock is down 13% from its mid-May high, while the Street consensus calls it a “Strong Buy” with a $434 target.
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