By Maria Armental

Macy's Inc. will lose its spot in the widely watched S&P 500 index, S&P Dow Jones Indices said Tuesday, citing the retailer's much smaller market valuation.

The change takes effect before the market opens April 6.

United Technologies Corp.'s Otis Worldwide Corp. and Carrier Global Corp. will take Macy's and Raytheon Co.'s spots in the S&P 500 index.

United Technologies is spinning off Otis Worldwide and Carrier Global and merging with Raytheon in a deal that's expected to close by April 3. United Technologies will remain in the S&P 500 and S&P 100, which includes the 100 largest publicly traded companies in the U.S.

American Tower Corp. will replace Raytheon in the S&P 100.

New York-based Macy's has struggled to revamp sales, which fell to $24.56 billion in the most recent year, ended Feb. 2.

Its stock has been trading at record-low levels, having dropped nearly 80% over the past 12 months through Tuesday's $4.91 closing and bringing the company's market value under $2 billion, according to FactSet.

Macy's will replace KLX Energy Services Holdings Inc. in the S&P SmallCap 600.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

March 31, 2020 19:49 ET (23:49 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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