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On Tuesday, S&P Dow Jones Indices declared that Amazon will replace Walgreens Boots Alliance in the Dow Jones Industrial Average effective next week.
After the announcement, Amazon’s shares surged 1.3% in extended trading, while Walgreens experienced a 3% dip.
Adding Amazon to the Dow is expected to enhance consumer retail exposure within the index, reflecting the company’s significant presence in various sectors beyond online retail.
S&P Dow Jones Indices attributed the decision to replace Walgreens with Amazon to Walmart’s recent stock split, prompting a rebalance.
Amazon’s inclusion in the Dow underscores its status as a multifaceted conglomerate, with notable contributions in cloud computing, entertainment, and more.
The company’s diverse portfolio aligns with the Dow’s objective of representing a broad spectrum of industries across the United States.
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Quincy Krosby, chief global strategist at LPL Financial, highlighted Amazon’s versatility as a key factor in its selection for inclusion in the Dow.
Krosby emphasized that Amazon exemplifies the Dow’s mission of representing commerce across various sectors of the U.S. economy.
The transition of Amazon into the Dow will officially commence with the opening of trading on Monday. Meanwhile, Walmart will continue to be part of the Dow despite its upcoming stock split, which will alter its weight within the index.
Additionally, Uber Technologies will join the Dow Jones Transportation Average, replacing JetBlue Airways Corp, thereby expanding the index’s exposure to the ride-hailing industry.
Amazon’s inclusion in the Dow marks the first change since 2020, when several other companies were added or replaced. Walgreens joined the Dow in 2018, taking the place of General Electric, further underscoring the dynamic nature of the index composition over time.
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