US Index Update

Research evidence excerpt

US Index Update

Global Quantitative and Derivatives Strategy Team Min Moon

Week of Jun 22, 2026 As of Jun 23, 2026 (Close) g +1 (212) 272 ,8456 min.k.moon@jpmorgan.comg

Friday, June 26, 2026

• DJIA Alphabet Inc. (NASD:GOOGL) will replace Verizon Communications Inc. (NYSE:VZ) in the Dow Jones Industrial Average (DJIA) effective prior to the opening of trading on Monday, June 29, 2026. Dow Jones Industrial

Average constituent Honeywell International Inc. (NASD:HON) is spinning off Honeywell Aerospace Inc. (NASD:HONA) in a transaction expected to be completed on June 29. Post spin-off, the Honeywell parent will remain in

the DJIA under the new name Honeywell Technologies Inc. Honeywell Aerospace will not be included in the DJIA. Verizon represents only one-half of one percentage point of the DJIA due to its lower share price. The Dow

Jones Industrial Average is a price weighted index, and thus persistently lower-priced stocks have an immaterial impact on the index. Alphabet’s diversified technology and digital services portfolio spans advertising, cloud

infrastructure, artificial intelligence, hardware, autonomous mobility, healthcare technology, and media distribution. Adding Alphabet will broaden and strengthen the DJIA’s exposure to these dynamic areas of the U.S. economy.

Its larger market capitalization and share price, together with the breadth of its businesses, make it a more representative Communication Services constituent in the DJIA.

• SP500 Honeywell International is spinning off Honeywell Aerospace in a transaction expected to be completed on June 29. Post spin-off Honeywell International will be renamed Honeywell Technologies Inc. and will remain in the S&P

500.

Monday, June 29, 2026

• SP500 Honeywell Aerospace will replace Conagra Brands Inc.