Walgreens Boots Alliance is getting the boot from the 30-stock Dow Jones Industrial Average and Amazon is taking its place.
S&P Dow Jones Indices, which manages the index, said in a statement Tuesday that the change is intended to reflect “the evolving nature of the American economy” by increasing the Dow’s consumer retail exposure.
The change means that investors who bet on the Dow Jones Industrial Average will now have exposure to Amazon’s stock performance.
Amazon joins Apple and Microsoft as the third company from the “Magnificent Seven,” a group of high-performing tech stocks, to join the Dow 30. The other four companies in the group — Meta, Nvidia, Tesla, and Alphabet — are not included in the index, though all seven stocks are included in the much larger S&P 500 index.
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