S&P Global Indices disclosed on April 1 that department store retail giant Macy’s (NYSE:M) “will be removed from the S&P 500 effective prior to the open of trading on Monday, April 6.” The company will be moved to the S&P 600 SmallCap Index instead, and it will be replaced by Carrier Global Corp. (NYSE:CARRW), an air conditioning company being spun off of United Technologies (UTX). According to S&P Global Indices, Macy’s no longer belongs on the S&P 500 because of its low market cap and low growth expectations.

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During the first three months of 2020, shares of Macy’s fell 71%