On July 16, in a notable reversal from the general trend, the three major U.S. stock indices ended the session in the red. The Dow Jones Industrial Average edged up 0.29%, while the Nasdaq Composite Index saw a 0.62% increase, and the S&P 500 Index posted a 0.38% gain. However, these modest advances were overshadowed by the broader market sentiment. Among the tech giants, Apple stood out with a remarkable surge exceeding 4%. Google, Meta, and Amazon also fared well, each climbing more than 3%. Microsoft followed suit with a gain of over 2%, though Tesla experienced a slight dip.

In stark contrast, semiconductor and memory concept stocks faced a severe downturn. SK Hynix led the decliners, plummeting over 9%. Micron Technology, SanDisk (now part of Western Digital, but mentioned separately here likely referring to its historical performance or specific product lines), and Western Digital itself all saw drops exceeding 8%. AMD and HP were not spared either, with both companies witnessing declines of over 3%.

On a brighter note, most popular Chinese ADRs (American Depositary Receipts) showed resilience. The Nasdaq Golden Dragon China Index soared 2.92%, reflecting a positive sentiment towards Chinese equities. Miniso led the charge with a surge of over 9%, while Full Truck Alliance rose more than 6%. Alibaba and Bilibili also posted significant gains, climbing over 4% each. Li Auto and Pinduoduo were not far behind, with increases exceeding 2%.