Macy's shares fell 5% to $20.45 in early Thursday trading. This came after the company reported better-than-expected second-quarter results and raised its full-year outlook. However, investors discounted the 5-cent-per-share tariff refund benefit included in the raised outlook, viewing it as a policy-driven rather than operational growth. Peers Kohl's and TJX saw little share price movement, suggesting the sell-off was specific to Macy's and not a broader re-evaluation of the retail sector.