Macy's to drop from S&P 500 to small-cap index

Macy's Inc will be removed from the benchmark S&P 500 stock index , the S&P Dow Jones Indices said on Tuesday, as coronavirus-induced store closures compound the retail sector's struggles with a shift to online shopping.

Macy’s will be replaced in the S&P 500 by air conditioning company Carrier Global Corp CARR_w.N.

Carrier was spun out last month by United Technologies in a bid to shed assets to complete its merger with Raytheon Co .Raytheon will be replaced in the S&P 500 by United Technologies’ elevator unit Otis Worldwide Corp OTIS_w.N, according to a statement from the S&P Dow Jones Indices.

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