The S&P and Dow are lower in afternoon trading, while the Nasdaq is holding onto a very narrow gain. The Supreme Court has upheld prior rulings that there should not be heightened standard for the issuance of a state criminal subpoena to a sitting President in a win for the New York County District Attorney's Office, which has served a subpoena on the personal accounting firm of President Donald Trump for financial records relating to the President and his businesses. However, the top court also rejected parallel efforts by House Democrats for access to President Trump's tax records.

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. 

INDEXES: Near midday, the Dow was down 355.21, or 1.36%, to 25,712.07, the Nasdaq was up 6.28, or 0.06%, to 10,498.78, and the S&P 500 was down 26.79, or 0.85%, to 3,143.15.