Macy's, Inc. (NYSE: M) shares jumped 7.27 percent to $55.61 in morning trading on Thursday following news the retailer will cut nearly 2,500 jobs as part of a cost-cutting plan. In addition, the company said holiday season same-store sales rose 4.3 percent and issued a 2014 profit outlook above analysts’ estimates.

Meanwhile, J.C. Penney Company, Inc. (NYSE: JCP) shares climbed 4.88 percent to $7.73 after Piper Jaffray upgraded the retailer's stock to “overweight” from “neutral” a day after the retailer said it was "pleased with its performance for the holiday period," yet provided no sales data. 

The Dow Jones industrial average fell 63.34 points or 0.38 percent, to 16,399.40. The S&P 500 lost 4.30 points or 0.23 percent, to 1,833.19. The Nasdaq Composite added 15.26 points or 0.37 percent, to 4,150.35.