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Amazon and Uber Join Dow Jones Index

0 is set to make its debut in the Dow Jones Industrial Average, replacing Walgreens Boots Alliance in a historic shift scheduled for Feb. 26. This move marks the first change in the 30-stock index since 2020.

The Big Change

In addition to Amazon’s entry, Uber Technologies will also join the fray by replacing JetBlue Airways in the Dow Jones Transportation Average on the same date.

Driving Forces

Amazon’s inclusion in the Dow Jones Industrial Average was made possible by a significant 20-for-one stock split in 2022, bringing its stock price down to a level suitable for the price-weighted index.

Industry Speculation

Rumors of Amazon joining the prestigious index have been circulating following the stock split earlier. Confirmation of this development was made public via a press release by S&P Dow Jones Indices, the governing body of the Dow industrials.

Market Reactions

Following the news, Amazon’s shares rose by 1.4% to $169.44 in after-hours trading after experiencing a 1.4% drop in regular trading sessions. Conversely, Walgreens saw a 3.2% decline to $21.60 in after-hours trading, despite gaining 1.5% during Tuesday’s regular trading hours.

Final Thoughts

Walgreens’ replacement is not surprising given its dwindling stock prices in recent years, leaving the company with minimal influence and the lowest market value among its Dow peers. While the Dow industrials enjoy considerable public recognition, institutional investor interest remains relatively low.

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