On Thursday, the S&P 500 index closed 0.2% lower after briefly hitting a new high of 5,500. Similarly, the Nasdaq retreated by 0.8% from its previous record levels, reflecting declines in tech mega-cap stocks. Meanwhile, the Dow gained 300 points, boosted by Amazon (+1.8%) and Salesforce (+4.3%). Semiconductor giant Nvidia, after earlier highs, fell by 3.5% and closed below Microsoft, relinquishing its position as the world's largest company by market capitalization. Microsoft and Apple, on the other hand, saw declines of 0.1% and 2.1% respectively. Investors capitalized on strong sector momentum, cashing in profits, while pondering how far the mega-caps leading the AI rally can continue driving major stock indices, as economic data increasingly suggests the US economy is gradually becoming less resilient to Federal Reserve interest rate hikes. Initial jobless claims in mid-June remained near a 10-month high, while May saw decreases in housing starts, building permits, and retail sales.