Retail

Macy’s to be replaced on S&P 500 by Carrier Global

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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…



Source cnbc.com

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