Walgreens Boots Alliance is set to be removed from the 30-stock Dow Jones Industrial Average, with Amazon taking its place, according to a statement from S&P Dow Jones Indices on Tuesday.

The change is aimed at reflecting the “evolving nature of the American economy” by increasing the Dow’s consumer retail exposure.

This alteration means that investors relying on the Dow Jones Industrial Average will now have exposure to Amazon’s stock performance.

Amazon becomes the third company from the “Magnificent Seven,” a group of high-performing tech stocks, to join the Dow 30, alongside Apple and Microsoft.

Notably, the other four companies in the “Magnificent Seven” (Meta, Nvidia, Tesla, and Alphabet) are not part of the index, although all seven are included in the more extensive S&P 500 index.

While historical data suggests that being added to or removed from the Dow doesn’t significantly impact stock performance, inclusion in the index, established in 1896, holds a certain level of prestige.

The exclusive group traditionally aims to mirror the most crucial companies in the US economy, leading to the current dominance of technology stocks, CNN reported.

The transition is scheduled to take place before the opening of the US stock market on Monday, February 26.

Following the announcement, Amazon’s stock rose more than 1%, while Walgreens’ stock fell 3% in after-hours trading on Tuesday.

Written by B.C. Begley