Megacaps boost Nasdaq after economic data; Micron, Walgreens slump

June 27 - The Nasdaq rose on Thursday while other indexes were flat to slightly higher, as a dip in Treasury yields after a string of economic data boosted megacap stocks.

Megacap stocks firmed as Treasury yields slipped after the data, with Amazon.com , opens new tab rising 0.9% after hitting $2 trillion in market value for the first time on Wednesday. With a handful of expensive heavily weighted stocks supporting Wall Street's ascent since the last leg of 2023, market participants have highlighted concerns over the rally's sustainability and have called out for the need to diversify portfolios to hedge against possible sharp losses.

Walgreens Boots Alliance , opens new tab slumped 23.8% after cutting its 2024 profit forecast and announcing plans to close more underperforming U.S. stores.Thursday's data comes ahead of Friday's release of the monthly personal consumption expenditures price index - the Federal Reserve's preferred inflation gauge.

At 9:59 a.m. ET, the Dow Jones Industrial Average , opens new tab was up 12.72 points, or 0.03%, at 39,140.52, the S&P 500 , opens new tab was up 3.58 points, or 0.07%, at 5,481.48, and the Nasdaq Composite , opens new tab was up 39.06 points, or 0.22%, at 17,844.21.

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