Exxon Mobil Corp, Pfizer Inc. and Raytheon Technologies were kicked out of the Dow Jones Industrial Average as part of the stock benchmark’s biggest reshuffling in seven years.
Salesforce.com, Amgen Inc. and Honeywell International will enter the 124-year old equity gauge a week from today, the benchmark overseers said.
Analysts say the latest reshuffling and kicking out of Exxon is more testament to the ascent of technology companies, a trend amplified by this year’s Covid 19 lockdowns.
While the Dow average is still 4.2 percent off its February record, the tech-heavy Nasdaq 100 is almost 20 percent above the pre-pandemic all-time high.
Stocks like Tesla have almost quintupled since March 2020, when it touched a low of about $350, and it has since then and crossed $2,000.
The last time three companies were added to the Dow was seven years ago, when Visa Inc., Goldman Sachs Group Inc. and Nike Inc. displaced Bank of America Corp., Hewlett-Packard Co. and Alcoa Inc.