Macy’s Inc. is being removed from the S&P 500 Index to make way for Carrier Global Corp.
The department store giant will move to the S&P 600 Small Cap Index, according to S&P Dow Jones Indices, which oversees the index. Macy’s has a market capitalization of about $1.5 billion, down from about $7 billion a year ago. It currently has the smallest market cap of any company on the S&P 500.
“Macy’s has a market capitalization more representative of the small-cap market space,” S&P Dow Jones Indices said in a statement.
Earlier this week, Macy’s announced it was furloughing most of its workforce amid significant sales losses brought on by ongoing store closures amid the COVID-19 outbreak.