Macy's is being dropped from the S&P 500, and in an indication of how far the fortunes of the retail area have fallen amid the coronavirus-related shutdowns, it isn't being demoted to the mid-cap S&P 400, it is being despatched all the best way right down to the small-cap S&P 600.

It's going to possible not be the final firm to undergo such humiliation.

Macy's can be dropped from the S&P 500 on Friday to get replaced by Service International, which is being spun out of United Applied sciences after United merges with Raytheon.

S&P's determination to kick Macy's out of the big-cap index is definitely comprehensible. Macy's has dropped from a market capitalization of roughly $6 billion in mid-February to $1.5 billion in the present day.

"Macy's has a market capitalization extra consultant of the small-cap market area," S&P Dow Jones Indices, which manages the S&P 500, stated in a terse assertion.

The issue is, Macy's has loads of firm.