Last updated: February 20, 2024 at 5:52 p.m. ET
First published: February 20, 2024 at 5:32 p.m. ET
Amazon.com Inc. will join the Dow Jones Industrial Average in a week, a move intended to reflect “the evolving nature of the American economy,” S&P Dow Jones Indices said late Tuesday.
Amazon AMZN replaces Walgreens Boots Alliance Inc. WBA in the Dow Jones DJIA. The change was triggered by Walmart Inc.'s 3-for-1 WMT stock split.
“Ponder…
Amazon.com Inc. will join the Dow Jones Industrial Average in a week, a move intended to reflect “the evolving nature of the American economy,” S&P Dow Jones Indices said late Tuesday.
Amazon AMZN replaces Walgreens Boots Alliance Inc. WBA in the Dow Jones DJIA. The change was triggered by Walmart Inc.'s 3-for-1 WMT stock split.
“This reflects the evolving nature of the American economy
“The change will increase exposure to consumer retail as well as other business sectors in the DJIA,” S&P Dow Jones said.
Do not miss: A change is coming to the Dow Jones. These sectors may be affected.
Walmart announced its stock split late last month. The retail giant will remain in the DJIA, the index provider said.
Shares of Amazon rose 1.3% in after-hours trading following the news, while shares of Walgreens fell 3%.
S&P Dow Jones also said Uber Technologies Inc. UBER JetBlue Airways Corp. JBLU will replace DJT in the Dow Jones Transportation Average.
Both index changes are scheduled to take effect before the bell on February 26th.
The change “will help the index position itself in the ride-hailing industry,” S&P Dow Jones said. The trigger for the index change was JetBlue's “low weighting in the index of less than half a percentage point due to the low share price”. The Dow Jones Transportation Average is a price-weighted index.
JetBlue is appealing a court ruling that rejected its merger with Spirit Airlines Inc. (SAVE) as it fights for a share of the ultra-low-cost airline and domestic leisure travel industry. Additionally, the company is appealing a decision blocking its regional alliance with American Airlines Group Inc. AAL.
See also: Carl Icahn will get two board seats at JetBlue, days after announcing his stake in the airline