Shoppers walk outside the Macy’s store in New York’s Herald Square January 11, 2019.
Don Emmert | AFP | Getty Images
Macy’s is being removed from the S&P 500 Index and replaced by air conditioning company Carrier Global, according to S&P Dow Jones Indices, which oversees the index.
The clothing retailer will move to the S&P 600 Small Cap Index. Its market capitalization measures at $1.5 billion, roughly 1/4 of what it was at the end of 2019, and 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.
Macy’s and other clothing retailers faced…