Amazon has joined the oldest US stock index in the first shake-up since the pandemic.
The online retail giant entered the Dow Jones Industrial Average yesterday after seeing its shares rise 15 percent so far this year, taking gains this decade to 90 percent. But yesterday they barely changed, falling 0.03 percent.
The Dow is home to 30 American corporate giants, including Nike, Walmart, Coca-Cola and IBM. Making way for Amazon is Walgreens Boots Alliance.
Amazon is the third of the so-called Magnificent Seven technology stocks to join the index, after Microsoft entered in 1999, while Apple has been included for almost a decade.
The latest shakeup comes as optimism about artificial intelligence has driven Wall Street to new all-time highs. Yesterday, the Dow Jones rose 0.01 percent, the S&P 500 fell 0.06 percent, and the Nasdaq rose 0.2 percent.
Tech titan: Amazon entered the Dow Jones Industrial Average after seeing its shares rise 15% so far this year, taking gains this decade to 90%.
In London, the FTSE 100 fell 0.3 per cent, or 21.98 points, to 7,684.3 and the FTSE 250 fell 0.3 per cent, or 52.64 points, to 19,126.92.
Standard Chartered extended its earnings as analysts at Morgan Stanley, Berenberg and JP Morgan upgraded the lender’s shares.
It came after the bank on Friday reported a 19 per cent rise in profits to £4bn, increased its dividend and announced a £790m share buyback as well as a three-year plan to reduce costs by £1.2 billion. The shares rose 0.2 per cent, or 1.4p, to 636.4p.
Another rise was that of the engineer Rolls-Royce, which reached its highest level since August 2018, after its impressive results last week. The shares rose 2.3 per cent, or 8.1 pence, to 361.2 pence.
Sentiment towards Ocado soured after analysts at investment bank Peel Hunt downgraded the online supermarket and warned it had focused on consumer technology and retail for too long. The shares sank 7 per cent, or 36.9 pence, to 491.5 pence.
Miners also came under pressure, with Anglo American falling 3.3 per cent, or 59.4 pence, to 1,726.6 pence, Rio Tinto falling 2.5 per cent, or 130 pence, to 5,067 pence and Glencore falling 1.8 per cent, or 6.85p, to 368.95p.
The EU has approved a drug made by AstraZeneca as an additional treatment to those already used to treat a serious blood disorder.
Shares in the pharmaceutical giant rose 0.3 per cent, or 34p, to 10,254p.
Hammerson, owner of Birmingham Bullring, has sold his Union Square shopping center in Aberdeen for £111m.
The sale to a group linked to Lone Star Real Estate is 8 per cent below Union’s £121m price tag at the end of December.
As a result of the deal, Hammerson completed the £500m program it started in early 2022 to sell assets it no longer considers essential. The shares, however, fell 0.3 per cent, or 0.08p, to 25.62p. Four new faces will join the Frasers Group board.
Appointments made by Mike Ashley’s fashion empire, owner of Sports Direct, Jack Wills and Flannels, include Sir Jon Thompson, former chief executive of watchdog the Financial Reporting Council. But shares fell 0.3 per cent, or 2.5p, to 831.5p.
The disinfectant company Tristel recorded six record months. The group, whose chlorine dioxide chemistry is bought by hospitals to clean medical devices, reported revenue rose by a fifth to £20.9 million in the first half to the end of December, while profits rose 44 percent. cent to £3.4 million.
And its surface disinfection system, which offers a greener alternative to antibacterial wet wipes, has been approved by UK and EU regulators. The shares gained 4.4 per cent, or 20 pence, to 470 pence.
But IT services provider Made Tech went in the opposite direction after customers limited their spending amid continued economic uncertainty. The shares fell 0.6 per cent, or 0.05p, to 8.7p.
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