Macy’s is the first of what could be a retail and energy purge from the S&P 500

The entrance to a Macy’s department store.

Jeffrey Greenberg | Universal Images Group | Getty Images

Macy’s is being dropped from the S&P 500, and in a sign of how far the fortunes of the retail space have fallen amid the coronavirus-related shutdowns, it is not being demoted to the mid-cap S&P 400, it’s being sent all the way down to the small-cap S&P 600.

It will likely not be the last…

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