Amazon.com Inc. will join the Dow Jones Industrial Average next Monday, taking the spot of Walgreens as a result of Walmart's stock split.

The inclusion of Amazon is set to more accurately reflect the modern landscape of US retail consumption and various business sectors.

Amazon's substantial market presence is underscored by its $574 billion revenue and $1.7 trillion market value as of 2023.

Jeff Bezos, Amazon's founder, has recently liquidated billions of dollars worth of his company's stock.

The market responded favorably to the news, with Amazon and Uber experiencing a positive uptick in after-hours trading.

Walgreens' removal from the Dow Jones follows a 3% drop in its premarket trading and recent business challenges, including reduced consumer spending and a dip in COVID-19 product sales.