It is perhaps a sign of the times that software conglomerate Salesforce replaces oil supermajor ExxonMobil in an upcoming Dow Jones reshuffle.
As a matter of statistical aggregation, it mostly reflects the inevitable waning of a large oil against a backdrop of weak crude prices. Symbolically and superficially, meanwhile, it reflects an increasing transition of sentiments away from carbon-consuming industrial business and ever-strengthening sentiments into tech stocks.
Salesforce, up 2.2% in pre-market deals, moves into the Dow on August 31 alongside biopharma group Amgen Inc (NASDAQ:AMGN), up 2.99%, and engineer Honeywell International Inc (NYSE:HON), up 3.47%.
Exiting the 30-stock index alongside Exxon will be Pfizer, down 1%, and Raytheon, down 1.58%.