Economics
Exxon Poised to Drop From S&P 500’s Top 10 for First Time Ever
- Texas-based oil giant replaced by Visa, Procter & Gamble
- Growth of tech stocks, oil abundance diminishes energy appeal
An Exxon Mobil Corp. gas station in Columbus, Indiana.
Photographer: Luke Sharrett/BloombergThis article is for subscribers only.
Exxon Mobil Corp. is poised to drop out of the S&P 500 Index’s 10 biggest companies for the first time since the index’s inception some 90 years ago, the consummation of a long-term trend of tech titans replacing industrial giants in the top ranks of U.S. stock market.
Visa Inc. replaced Exxon as the 10th biggest member of the index by weighting on Aug. 1 and two weeks later Procter & Gamble Co. also overtook the oil giant, according to data compiled by Bloomberg. S&P Dow Jones Indices will likely confirm the move when it publishes its month-end weightings Saturday.