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(Reuters) &#8211; The S&amp;P 500 and Dow dropped on Thursday as investors worried about another round of business shutdowns to contain a surge in coronavirus cases and began to shift their focus to earnings, though the Nasdaq registered another record closing high.FILE PHOTO: Traders wear masks as they work on the floor of the New York Stock Exchange as the outbreak of the coronavirus disease (COVID-19) continues in the Manhattan borough of New York, U.S., May 27, 2020. REUTERS/Lucas Jackson



The United States saw more than 60,000 new COVID-19 infections on Wednesday, setting a single-day global record while Florida and Texas reported a record one-day increase in deaths.



Investors also began to turn their focus to the second-quarter earnings season, which shifts into higher gear next week. S&amp;P 500 companies are expected to post the biggest quarterly decline in earnings since the financial crisis, based on IBES data from Refinitiv.



Walgreens Boots Alliance Inc (<a href="https://www.reuters.com/companies/WBA.O">WBA.O</a>) tumbled 8.2% after it reported a quarterly loss compared with a profit a year earlier, hurt by non-cash impairment charges of $2 billion as COVID-19 disrupted business at its Boots UK division.



“I expect a lot of confusing numbers and guidance. COVID is certainly not behind us in any way shape or form, so maybe the V gets elongated some,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia.



The Nasdaq hit another record high, however, helped by gains in Amazon.com (<a href="https://www.reuters.com/companies/AMZN.O">AMZN.O</a>), Microsoft Corp (<a href="https://www.reuters.com/companies/MSFT.O">MSFT.O</a>) and Apple Inc (<a href="https://www.reuters.com/companies/AAPL.O">AAPL.O</a>).



Unofficially, the Dow Jones Industrial Average&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.DJI">.DJI</a>&nbsp;fell 360.64 points, or 1.38%, to 25,706.64, the S&amp;P 500&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.SPX">.SPX</a>&nbsp;lost 17.74 points, or 0.56%, to 3,152.2 and the Nasdaq Composite&nbsp;<a href="https://www.reuters.com/finance/markets/index?symbol=.IXIC">.IXIC</a>&nbsp;added 55.25 points, or 0.53%, to 10,547.75.



Helping stocks early in the day was data showing the number of Americans filing for jobless benefits dropped to a near four-month low last week, but a record 32.9 million people were collecting unemployment checks in the third week of June.



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A batch of upbeat economic data including the record pace of job additions in June has underscored that the stimulus-fueled domestic economy was on the path to recovery.



The benchmark S&amp;P 500 has risen more than 40% from its March closing lows.



In a bullish signal for near-term momentum, the benchmark S&amp;P 500’s chart formed a “golden cross” pattern, in which its 50-day moving average vaulted above the 200-day moving average.

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Dow, S&P 500 end lower on fears over surging virus cases but Nasdaq hits record high

LONDON (Reuters) &#8211; British health and beauty retailer Boots plans to cut 4,000 jobs and close 48 optician stores, in the latest major blow to the country’s retail sector from the COVID-19 crisis.



British brands including John Lewis and Harrods have announced thousands of job cuts in the last two weeks after the pandemic forced customers to shop online and many remained reluctant to return to the high street even as restrictions eased.



Walgreens Boots Alliance (<a href="https://www.reuters.com/companies/WBA.O">WBA.O</a>), the owner of the retailer, said on Thursday its most significant COVID-19 impact had come in Britain, with footfall down 85% in April, forcing it to take an impairment charge of $2 billion.

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(Reuters) &#8211; Tesla Inc on Wednesday became the highest-valued automaker as its shares surged to record highs and the electric carmaker’s market capitalization overtook that of former front runner Toyota Motors Corp.



Tesla shares gained 5% in early morning trade to a record of $1,133, boosting the company’s market cap to $209.47 billion &#8211; roughly $6 billion more than Toyota is currently valued by investors.



Tesla is now worth more than triple the combined value of U.S. automakers General Motors Co and Ford Motor Co.



The shares’ meteoric rise, up more than 163% since the start of 2020, highlight growing confidence among investors about the future of electric vehicles and Tesla’s shift from a niche carmaker into a global leader in cleaner cars.



After several years of losses, Tesla has delivered three straight profitable quarters since the third quarter of 2019 and surprised investors with solid first-quarter deliveries despite the virus outbreak.



Toyota, one of the world’s most profitable automakers, sold 10.46 million vehicles during its 2019 financial year, ending on March 31, 2020. It reported net revenues of 30,226 billion yen, or roughly $281.20 billion, during that time.



Tesla, in comparison, ended 2019 with $24.6 billion in revenues, having delivered 367,200 vehicles last year. Chief Executive Elon Musk in the past said Tesla would deliver at least 500,000 vehicles in 2020, a forecast the company has not changed despite the coronavirus pandemic.



Tesla is expected to report second-quarter delivery numbers this week.

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