Mumbai, July 16 -- The tech-heavy Nasdaq rose 37.47 points (0.2%) to a new record closing high of 20,677.80, the S&P 500 fell 24.80 points (0.4%) to 6,243.76 and the Dow slumped 436.36 points (1%) to 44,023.29.

Nasdaq increased due to amid strength in the semiconductor stocks, as reflected by the 1.3% gain posted by the Philadelphia Semiconductor Index. Nvidia (NVDA) helped lead the sector higher, with the AI darling surging by 4% to a record closing high after indicating it will "soon" resume H20 AI chip sales to China.

Housing stocks moved sharply lower, resulting in a 3.3% plunge by the Philadelphia Housing Sector Index. Oil service stocks also slumped amid a decrease by the price of crude oil, dragging the Philadelphia Oil Service I...