Alphabet Stock Jumps 3%: Google Parent Replaces Verizon in Historic Dow Jones Milestone

Google parent Alphabet Inc (NASDAQ: GOOG ) (NASDAQ: GOOG ) stock traded higher by over 3% on Monday as risk appetite stays firm in big-cap tech.

Alphabet will replaced Verizon Communications Inc (NYSE: VZ ) in the Dow Jones Industrial Average before trading opened today.

The change gives the Dow greater exposure to mega-cap technology stocks and the AI trade.

Reportedly, Verizon had lost influence in the price-weighted index due to its lower share price, which represented just 0.5% of the Dow.

Technical Analysis From a trend perspective, GOOG is still in a longer-term uptrend, up 94.71% over the past 12 months and holding about 10% above its 200-day SMA ($313.87).

At the same time, the stock is trading 3.3% below its 20-day SMA ($357.16) and 5.9% below its 50-day SMA ($366.88), which keeps the near-term posture more in "repair mode" than in breakout mode.

The 20-day SMA below the 50-day SMA is a bearish crossover that often signals that rallies are being sold sooner than they were earlier in the trend.

Earnings & Analyst Outlook Looking further out, the next major catalyst for the stock arrives with the July 22, 2026 (estimated) earnings report.

EPS Estimate: $2.87 (Up from $2.31 YoY) Revenue Estimate: $113.54 Billion (Up from $96.43 Billion YoY) Valuation: P/E of 25.5x (Indicates premium valuation relative to peers) Analyst Consensus & Recent Actions: The stock carries a Buy rating with an average price forecast of $429.67.

Recent analyst moves include: TD Cowen: Buy (Raises Forecast to $475.00) (June 9) Oppenheimer: Outperform (Raises Forecast to $445.00) (May 15) JP Morgan: Overweight (Raises Forecast to $460.00) (April 30) Top ETF Exposure Fidelity MSCI Communication Services Index ETF (NYSE: FCOM ): 8.66% Weight BBH Select Large Cap ETF (NYSE: BBHL ): 8.41% Weight Invesco Nasdaq Internet ETF (NASDAQ: PNQI ): 9.93% Weight Significance: Because GOOG carries such a heavy weight in these funds, any significant inflows or outflows will likely trigger automatic buying or selling of the stock.

Price Action Alphabet shares were up 3.26% at $345.59 at the time of publication on Monday, according to Pro data.

Image via Shutterstock Read Also: Why Apple Just Suffered Its Worst Crash In Over A Year