Macy's Inc. (M  ) had a rough day at the market on Tuesday; the department store chain both rallied and not only erased that rally but plummeted below the previous day's closing price all in one day.

Tuesday began strongly for the 91-year-old retail giant; Macy's stock jumped 11% during premarket trading on news that the company's stores are outperforming after reopening, helping to soften the blow from the months-long shutdown the retailer endured in the midst of the coronavirus pandemic. Macy's initially forecasted operating losses of $1.1 billion, but after revision, the company believes that number is now down to $969 million.

"Our strong digital business sales trend continued throughout May, and it is encouraging to see that as we reopen a store, the digital business in that geography continues to be strong," said Macy's CEO Jeff Gennette.

The bullish attitude on Macy's stock did not last very long into the day, however. During a virtual meeting, Macy's CFO Felicia Williams commented that the retailer does not expect a return to normalcy until at least 2021, possibly 2022. The chain was expecting a weak year all around, with the lull expected to last even into the holidays, which Macy's expected to be calmer than the previous years.

At the very least, Macy's has announced that it has received $4.5 billion in financing to help it weather the pandemic. The company expects the injection will give it "sufficient liquidity to address the needs of the business, including funding operations and the purchase of new inventory for upcoming merchandising seasons."

Macy's stock began the day with a premarket jump of 11%, following the news of a weak year ahead, the company's stock slipped, dropping 9% by midday. Macy's stock would drop an additional 6% by the end of Tuesday trading, though its downward trend continued well into evening after-market trading.