Amazon is finally set to join the Dow Jones Industrial Average next week. The move comes weeks after Walmart announced its three-to-one stock split. Amazon will replace the Walgreens Boots Alliance on the index. S&P Dow Jones Indices announced the news late Tuesday. It will be effective the following Monday. Amazon shares rose by 1.3 percent on extended trading. Walgreens, however, saw a dip of 3 percent after-hours trading.
Many companies join or leave the Indices. Amazon will be the first company to join the Dow since 2020. Pharmacy chain Walgreens joined in 2018 after replacing General Electric. Amazon will join the index the day Walmart executes its stock split.
S&P Dow Jones said the change was made after Walmart announced its 3-to-1 split that will take effect next week. It also noted that the change reflected “the evolving nature of the American economy.”
The S&P Dow Jones Indices also said the change would “increase consumer retail exposure as well as other business areas in the DJIA.”
The Dow Index has fallen behind the S&P and Nasdaq last year. By adding its third technical and retail giant, the index is expected to improve its performance. Tech giants Microsoft joined the index in 1999, and Apple joined in 2015.
Amazon has evolved from an online book vendor to a vast e-commerce company investing in cloud computing and artificial intelligence. This addition to the Dow Jones Industrial Average will increase the index’s weightage in tech stocks. The index has a total of 30 companies.
S&P Dow Jones Indices also announced on Monday that Uber Technologies will join the Dow Jones Transportation Average. Before trading on Monday, the announcement said that the ride-sharing service will replace JetBlue Airways. Uber stock rose by 1.1 percent after the announcement.
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