S&P 500 closes lower, while Nasdaq closes at new highDow -300.14 at 27272.30, Nasdaq +29.01 at 9953.78, S&P -25.21 at 3207.05 [BRIEFING.COM] The S&P 500 declined 0.8% on Tuesday, but strength in the mega-cap technology stocks limited its decline and drove the Nasdaq Composite up 0.3% to close at a record high. The Dow Jones Industrial Average (-1.1%) and Russell 2000 (-1.9%) fell more than 1% after a recent streak of outperformance. Apple ($AAPL 343.99, +10.53, +3.2%), Amazon ($AMZN 2600.86, +76.80, +3.0%), Microsoft ($MSFT 189.80, +1.44, +0.8%), Alphabet ($GOOG 146.16, +9.55, +0.7%), and Facebook ($FB 238.67, +7.27, +3.1%) -- which represent approximately 20% of the S&P 500's market weight -- posted solid gains, as money appeared to rotate out of cyclical sectors and back into these tech behemoths. Those cyclical sectors included the energy (-3.6%), industrials (-2.5%), and financials (-2.1%) sectors, which remain this month's leaders. Conversely, the information technology (+0.5%), communication services (+0.2%), and consumer discretionary (unch) sectors performed relatively well amid gains in the aforementioned stocks. The rotation was a balancing act between taking profits and parking money in the mega-caps for their perceived safety. There was no strong inclination to sell the broader market, though, especially with the Fed set to announce its latest policy decision on Wednesday. Within the transportation space, profit-taking interest cooled down the airline stocks. The U.S. Global Jets ETF ($JETS 20.45, -1.27, -6.8%) declined nearly 7% after rallying 45% over the prior six sessions. The Dow Jones Transportation Average fell 2.3%. U.S. Treasuries ended the session on a higher note, driving yields lower across the curve. The 2-yr yield declined two basis points to 0.20%, and the 10-yr yield declined six basis points to 0.83%. The U.S. Dollar Index declined 0.2% to 96.42. WTI crude gained 1.8%, or $0.68, to $38.92/BBL. Reviewing Tuesday's economic data: The NFIB Small Business Optimism Index for May increased to 94.9 from 90.9 in April.April job openings decreased to 5.046 mln from a revised 6.011 mln in March (from 6.191 mln).Wholesale inventories increased 0.3% in April (Briefing.com consensus +0.4%) following a revised 1.1% decline in March (from -0.8%). Looking ahead, investors will receive the FOMC Rate Decision, the Consumer Price Index for May, and the weekly MBA Mortgage Applications Index on Wednesday. Nasdaq Composite +10.9% YTDS&P 500 -0.7% YTDDow Jones Industrial Average -4.4% YTDRussell 2000 -9.7% YTD Market Snapshot Dow27272.30-300.14(-1.09%)Nasdaq9953.78+29.01(0.29%)SP 5003207.05-25.21(-0.78%)10-yr Note +27/320.830NYSEAdv 620 Dec 2282 Vol 1.2 blnNasdaqAdv 1159 Dec 2161 Vol 5.2 bln Industry Watch Strong: Information Technology, Communication Services, Consumer DiscretionaryWeak: Energy, Financials, Industrials, Utilities Moving the Market -- S&P 500, Dow, Russell 2000 eased back from recent gains, while Nasdaq closed at another record high-- Strength in the mega-cap technology stocks-- Relative weakness in value and cyclical stocks, which had outperformed this monthThe Dow was down for the first time in seven sessions in the first real interruption of June's stock market rally, while the S&P pulled back by about 1% following gains yesterday that saw the benchmark index eliminate its losses for the year. Meanwhile, the Nasdaq continues to be strong and crossed above 10,000 for the first time ever, though it couldn't hold that round number level into the close. ECONOMIC EVENTS: In U.S. data, the JOLTS report showed job openings fell to 5.05M in April. The wholesale trade report undershot estimates, with a record 16.9% drop in sales and small downward bumps for inventories in both March and April. TOP NEWS: Shares of Macy's ($M) slid 7.3% after the department store operator issued an update on its preliminary estimate of first quarter losses and sales. "The COVID-19 pandemic significantly impacted our first quarter sales and earnings results, but I am proud of the way our team navigated this difficult period and maintained the business while our stores were closed. 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. By June 1, we had approximately 450 stores reopened, with the majority opened in their full format. Our reopened stores are performing better than anticipated," Macy's chairman and CEO Jeff Gennette told investors. Also in the retail space, Signet Jewelers ($SIG) shares fell 16.2% after the company reported mixed Q1 results despite saying customer response has been "positive" as it has reopened more stores. Boeing ($BA) reported today that its commercial 2020 net orders declined 602 through May 31, 2020. The orders declined 516 through April. Boeing's backlog of aircraft shrunk to 4,774 through May, the smallest since 2013, CNBC noted. Apple ($AAPL) is preparing to announce a shift to its own main processors in Mac computers, replacing chips from Intel ($INTC), as early as this month at its annual developer conference, Bloomberg's Mark Gurman reported. Meanwhile, MacRumors' Joe Rossignol reported, citing a paywalled DigiTimes article, that Apple is said to be set to finish the validation and testing stage for its upcoming iPhone 12 line at the end of June and will start production of the new models in July. MAJOR MOVERS: Among the noteworthy gainers was Facebook ($FB), which rose 3.1% after Goldman Sachs analyst Heather Bellini raised her price target on the stock to $250, citing the company's opportunity to increase the number of small business advertisers and spend per advertiser with its Shop and Checkout offerings. Also higher were shares of Cloudera ($CLDR), which jumped 18.6% after Bloomberg's Liana Baker and Crystal Tse said the company is working with a financial adviser to evaluate its options, including a potential sale, after receiving takeover interest. Among the notable losers was Chesapeake Energy ($CHK), which was pointing lower in pre-market trading before the shares were halted for news pending before today's opening bell. Chesapeake Energy is preparing a potential bankruptcy filing, Bloomberg reported last night, citing people with knowledge of the matter. Chesapeake trading resumed a bit before 1 pm ET and the stock was subsequently halted for volatility many times before the close. Chesapeake shares finished 65.8% lower at $23.75. Also lower was Conn's ($CONN), which fell 21.1% after reporting quarterly results. Source: (Briefing.com)(theFly.com) 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. Trading and investing include risks, including loss of principal. 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