Markets
Every Company In and Out of the Dow Jones Industrial Average Since 1928
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Every Company In and Out Of The Dow Since 1928
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The Dow Jones Industrial Average (DJIA) is reported on daily by every major finance and media platform—a testament to its importance and relevance in global financial markets.
The market benchmark has a rich history embedded alongside America’s rise as a global superpower in the 20th century, and the inflows and outflows of companies on the 30 stock index coincide with broader secular trends. For example, the delisting of many industrial stocks over time encapsulates America’s transition towards a service-based economy. Meanwhile, the addition of tech companies in the last few decades paints a similar picture of change.
Today’s infographic looks at Dow data spanning over nine decades, all the way back to the tail end of the Roaring Twenties.
Crank Up The Volatility
An increasingly competitive and accelerating business landscape results in greater churn for stock market indices.
In fact, in the 92 years of activity visualized for the DJIA, there were 93 changes in its composition. This is not surprising, as the average duration of a company’s tenure on American indices has been trending down for decades—that said, 63% of Dow changes occurred in the second half of the 92 year sample period.
The current iteration of the DJIA includes some long-serving constituents, with the average length of companies in the index sitting at 20 years. General Electric was the last standing member of the original group from 1928, but in 2018, they were replaced by Walgreens.
2020 has also brought with it some fresh faces, including three changes so far. They include Salesforce for ExxonMobil, Amgen for Pfizer, and Honeywell International for United Technologies. Here’s a full list of the current companies in the index:
| Company | Market Cap (B) | TTM Revenue (B) | YTD Stock Performance |
|---|---|---|---|
| American Express | $81.1 | $34.3 | -21.0% |
| Amgen | $149.8 | $23.1 | 3.0% |
| Apple | $1996 | $273.9 | 55.0% |
| Boeing | $94.6 | $66.6 | -49.5% |
| Caterpillar | $81.2 | $43.6 | -0.2% |
| Cisco Systems | $167.2 | $49.3 | -18.5% |
| Chevron | $134.8 | $115.0 | -40.3% |
| Goldman Sachs Group | $69.3 | $18.2 | -14.4% |
| Home Depot | $299.2 | $119.3 | 24.6% |
| Honeywell International | $116.6 | $34.5 | -7.1% |
| IBM | $109.1 | $74.3 | -9.8% |
| Intel | $221.5 | $79.0 | -14.5% |
| Johnson & Johnson | $392.2 | $80.5 | 0.8% |
| Coca-Cola | $212.2 | $34.3 | -11.6% |
| JPMorgan Chase | $295.4 | $76.3 | -31.6% |
| McDonald's | $170.9 | $19.1 | 10.7% |
| 3M | $93 | $31.4 | -9.4% |
| Merck & Co. | $209.9 | $47.2 | -10.0% |
| Microsoft | $1596.3 | $143.0 | 31.4% |
| Nike | $196.4 | $37.3 | 24.7% |
| P&G | $347.3 | $71.0 | 9.9% |
| The Travelers Companies | $27.6 | $28.6 | -21.6% |
| United Health Group Inc. | $297.4 | $195.1 | 3.5% |
| Salesforce | $195.8 | $19.4 | 52.2% |
| Verizon | $255.3 | $129.7 | -3.5% |
| Visa | $428.8 | $22.9 | 6.1% |
| Walgreens Boots Alliance | $31.3 | $138.7 | -40.0% |
| Walmart | $398.9 | $542.0 | 15.4% |
| Walt Disney | $225.6 | $69.8 | -13.3% |
| Dow | $35.4 | $3.1 | -14.9% |
| Average | $297.67 | $88.5 | -3.1% |
Although all the stocks in the DJIA are intended to be in line with broader economic trends, the similarities end there. For some DJIA stocks, 2020 has brought growth and opportunity—for others, quite the opposite.
YTD stock price performances range vastly from a high of 55% to a low of -49%. Perhaps it serves as no surprise that the best performing companies serve in the tech space like Apple, Microsoft, and Salesforce, while the worst performing are the likes of Boeing and Chevron.
A Sign of the Times
The three changes in 2020 can best be described as modernizing the Dow.
The delistings include businesses in industries such as Aerospace & Defense and Big Pharma. But the most monumental exit? ExxonMobil, which was once the biggest company by market capitalization in America.
Their fall from grace best symbolizes the state and direction the world is headed towards.
Markets
3 Reasons Why AI Enthusiasm Differs from the Dot-Com Bubble
Valuations are much lower than they were during the dot-com bubble, but what else sets the current AI enthusiasm apart?
3 Reasons Why AI Enthusiasm Differs from the Dot-Com Bubble
Artificial intelligence, like the internet during the dot-com bubble, is getting a lot of attention these days. In the second quarter of 2023, 177 S&P 500 companies mentioned “AI” during their earnings call, nearly triple the five-year average.
Not only that, companies that mentioned “AI” saw their stock price rise 13.3% from December 2022 to September 2023, compared to 1.5% for those that didn’t.
In this graphic from New York Life Investments, we look at current market conditions to find out if AI could be the next dot-com bubble.
Comparing the Dot-Com Bubble to Today
In the late 1990s, frenzied optimism for internet-related stocks led to a rapid rise in valuations and an eventual market crash in the early 2000s. By the time the market hit rock bottom, the tech-heavy Nasdaq 100 Index had dropped 82% from its peak.
The growing enthusiasm for AI has some concerned that it could be the next dot-com bubble. But here are three reasons that the current environment is different.
1. Valuations Are Lower
Stock valuations are much lower than they were at the peak of the dot-com bubble. For example, the forward price-to-earnings ratio of the Nasdaq 100 is significantly lower than it was in 2000.
| Date | Forward P/E Ratio |
|---|---|
| March 2000 | 60.1x |
| November 2023 | 26.4x |
Lower valuations are an indication that investors are putting more emphasis on earnings and stocks are less at risk of being overvalued.
2. Investors Are More Hesitant
During the dot-com bubble, flows to equity funds increased by 76% from 1999 to 2000.
| Year | Combined ETF and Mutual Fund Flows to Equity Funds |
|---|---|
| 1997 | $231B |
| 1998 | $163B |
| 1999 | $200B |
| 2000 | $352B |
| 2001 | $63B |
| 2002 | $14B |
Source: Investment Company Institute
In contrast, equity fund flows have been negative in 2022 and 2023.
| Year | Combined ETF and Mutual Fund Flows to Equity Funds |
|---|---|
| 2021 | $295B |
| 2022 | -$54B |
| 2023* | -$137B |
Source: Investment Company Institute
*2023 data is from January to September.
Based on fund flows, investors appear hesitant of stocks, rather than overly exuberant.
3. Companies Are More Established
Leading up to the internet bubble, the number of technology IPOs increased substantially.
| Year | Number of Technology IPOs | Median Age |
|---|---|---|
| 1997 | 174 | 8 |
| 1998 | 113 | 7 |
| 1999 | 370 | 4 |
| 2000 | 261 | 5 |
| 2001 | 24 | 9 |
| 2002 | 20 | 9 |
Many of these companies were relatively new and, at the peak of the bubble in 2000, only 14% of them were profitable.
In recent years, there have been far fewer tech IPOs as companies wait for more positive market conditions. And those that have gone public, the median age is much higher.
| Year | Number of Technology IPOs | Median Age |
|---|---|---|
| 2020 | 48 | 12 |
| 2021 | 126 | 12 |
| 2022 | 6 | 15 |
Ultimately, many of the companies benefitting from AI are established companies that are already publicly traded. New, unproven companies are much less common in public markets.
Navigating Modern Tech Amid Dot-Com Bubble Worries
Valuations, equity flows, and the shortage of tech IPOs all suggest that AI is different than the dot-com bubble.
However, risk is still present in the market. For instance, only 33% of tech companies that went public in 2022 were profitable. Investors can help manage their risk by keeping a diversified portfolio rather than choosing individual stocks.
Explore more insights from New York Life Investments.
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