Nasdaq closes at record high as Dow fallsDow -361.19 at 25706.11, Nasdaq +55.25 at 10547.75, S&P -17.89 at 3151.92 [BRIEFING.COM] The S&P 500 lost 0.6% on Thursday, but continued strength in the mega-cap technology stocks helped the benchmark index overcome an early 1.7% decline. The Nasdaq Composite, powered by these household names, rose 0.5% to close at a record high. The Dow Jones Industrial Average (-1.4%) and Russell 2000 (-2.0%) underperformed. Despite the gain in the Nasdaq, today was a weak performance by the market. Declining issues outpaced advancing issues by a 3:1 margin at the NYSE and a 2:1 margin at the Nasdaq, and the cyclical S&P 500 energy (-4.9%), financials (-2.2%), and industrials (-2.1%) sectors succumbed to noticeable losses. Only the consumer discretionary (+0.8%) and information technology (+0.4%) sectors finished higher, and that was predominately due to record closes in Amazon ($AMZN 3182.63, +101.52, +3.3%), Microsoft ($MSFT 214.32, +1.49, +0.7%), and Apple ($AAPL 382.73, +1.36, +0.4%). The underperformance of the cyclical sectors, and the curve-flattening activity in the Treasury market, suggested that the reopening trade lost some of its luster. The 2-yr yield declined one basis point to 0.15%, and the 10-yr yield declined five basis points to 0.61%. The U.S. Dollar Index gained 0.4% to 96.78. WTI crude fell 3.1%, or $1.28, to $39.63/BBL. While there wasn't a confirmed catalyst for today's decline, there were some key developments. Weekly initial claims decreased by 99,000 to 1.314 million (Briefing.com consensus 1.350 million), which was its 14th straight weekly decline but also a persistently high number of claims, and the Supreme Court ruled that a New York Grand Jury may access President Trump's tax returns. Note, the market did appear to lose some steam in early action after the Supreme Court ruling, but the judges ruled in separate decision against efforts by Democratic-led House Committees to get access to the president's financial records. Separately, shares of Walgreens Boots Alliance ($WBA 39.01, -3.28, -7.8%) fell 8% after the company missed earnings estimates and issued downside FY20 EPS guidance. Reviewing Thursday's economic data: initial claims decreased by 99,000 for the week ending July 4 to 1.314 million (Briefing.com consensus 1.350 million). Continuing claims for the week ending June 27 plunged by 698,000 to 18.062 million.The key takeaway from the report is that it suggests things are less bad on the job loss front, but less bad is clearly still a long way from good for both initial claims and continuing claims.Wholesale inventories decreased 1.2% in May, as expected, following a revised 0.2% increase in April (from +0.3%). Looking ahead, investors will receive the Producer Price Index for June on Friday. Nasdaq Composite +17.6% YTDS&P 500 -2.4% YTDDow Jones Industrial Average -9.9% YTDRussell 2000 -16.2% YTD Market Snapshot Dow25706.11-361.19(-1.39%)Nasdaq10547.75+55.25(0.53%)SP 5003151.92-17.89(-0.56%)10-yr Note +28/320.603NYSEAdv 771 Dec 2125 Vol 972.0 mlnNasdaqAdv 1016 Dec 2141 Vol 4.0 bln Industry Watch Strong: Consumer Discretionary, Information TechnologyWeak: Financials, Energy, Industrials Moving the Market -- Nasdaq closes higher in weak session-- Mega-cap technology stocks were among the few bright spots-- Politically-minded headlines-- Weekly initial jobless claims decline by 99,000 to 1.314 million (Briefing.com consensus 1.350 million)ECONOMIC EVENTS: In U.S. data, initial jobless claims dropped 99,000 to 1.31M in the week ended July 4, which was close to the consensus forecast. Wholesale inventories dropped 1.2% in May and sales bounced 5.4%. TOP NEWS: Shares of Walgreens Boots Alliance ($WBA) are 9% lower after a mixed earnings report, with revenue that topped expectations and earnings that missed, along with news that the company is suspending share buybacks and cut over 4,000 jobs, or 7% of its workforce. The company said it is "moving swiftly to address the impact of COVID-19 on the Boots business" by accelerating its Boots transformation plan, resulting in the planned layoffs. Meanwhile, Bed Bath & Beyond ($BBBY) shares are down 22% after the company reported worse than forecast losses in the first fiscal quarter and announced plans to close 200 stores over the next two years. Shares of Mohawk Industries ($MHK) are under pressure for a second day in a row on Thursday after analysts brought added attention to a shareholder lawsuit that recently added new court filings that allege fraud at the company. Shailesh Bettadapur, a treasurer at Mohawk Industries, told Bloomberg, "As a rule, we do not comment on pending litigation, and don't have a comment now." Shares of Mohawk are down 19% in afternoon trading. MAJOR MOVERS: Among the noteworthy gainers was Veritone ($VERI), which rose 24% after it raised its Q2 revenue guidance. Also higher was Exfo ($EXFO), which gained 10% after reporting quarterly results. Among the notable losers was Plug Power ($PLUG), which slid 9% after Barclays analyst Moses Sutton downgraded the stock to Equal Weight from Overweight. Also lower was HealthEquity ($HQY), which fell 5% after its 4.6M share secondary offering priced at $56.00 per share.Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. 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