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Last updated: February 20, 2024 at 5:52 pm ET
First Published: February 20, 2024 at 5:32 pm ET
Amazon.com Inc. will join the Dow Jones Industrial Average in a week, a move intended to reflect “the changing nature of the U.S. economy,” S&P Dow Jones Indices said late Tuesday.
Amazon AMZN replaces Walgreens Boots Alliance Inc. WBA on the Dow Jones DJIA. The move was driven by Walmart Inc.’s 3-for-1 WMT stock split.
“Reflecting…
Amazon.com Inc. will join the Dow Jones Industrial Average in a week, a move intended to reflect “the changing nature of the U.S. economy,” S&P Dow Jones Indices said late Tuesday.
Amazon
AMZN
replaces Walgreens Boots Alliance Inc.
AMB
in the Dow Jones DJIA. The change was prompted by Walmart Inc.’s decision.
WMT
Stock split 3 to 1.
“Reflecting the changing nature of the American economy, this
The change will increase exposure to consumer retail as well as other business areas in the DJIA,” S&P Dow Jones said.
Do not miss: The Dow Jones must change. These sectors may be affected.
Walmart announced its stock split late last month. The retail giant will remain on the DJIA, the index provider said.
Amazon shares rose 1.3% in after-hours trading following the news, while Walgreens shares fell 3%.
S&P Dow Jones also said Uber Technologies Inc.
UBER
will replace JetBlue Airways Corp.
JBLU
in the Dow Jones Transportation Average DJT.
Both index changes are scheduled to take effect before the Feb. 26 bell ring.
The change “will help the index gain exposure to the ride-sharing industry,” S&P Dow Jones said. The change in the index was caused by JetBlue’s “low weight in the index of less than half a percentage point caused by its low stock price.” The Dow Jones Transportation Average is a price-weighted index.
JetBlue has appealed a court ruling rejecting its merger with Spirit Airlines Inc.
SAVE
as it competes for a share of the ultra-low-cost airline and domestic leisure travel industry, and is also appealing a decision blocking its regional alliance with American Airlines Group Inc.
AAL
.
See also: Carl Icahn lands two seats on JetBlue board days after revealing his stake in the airline