U.S. equities delivered a split performance on July 16, with the Nasdaq Composite managing a 0.18% gain while the Dow Jones Industrial Average slid 0.98% and the S&P 500 retreated 0.4%. Semiconductor stocks emerged as clear winners, propelling the Philadelphia Semiconductor Index 1.27% higher. Nvidia led the charge with an impressive 4% leap, while Taiwan Semiconductor Manufacturing Company advanced over 3%.

Banking stocks largely struggled, with BlackRock and Wells Fargo both plummeting more than 5%. Citigroup defied the sector trend, however, rocketing 3.7% to achieve its highest closing price since 2008.