CNBC's July 16 recap: "S&P 500 closes lower, Nasdaq falls more than 1% as chip stocks suffer"; Deutsche Bank notes "fresh doubts about the AI trade have driven a pronounced selloff." VOO rolled over this week (694→683) as the chip/AI complex broke down and June CPI hit 4.2%, a 3-year high, keeping the July 28-29 Fed on a hawkish footing. With semis (SOX near -20%) dragging the cap-weighted index and rate-hike odds priced for later this year, the weekly trend and macro both point lower; strong Q2 earnings are not yet enough to offset the tech drag. Down.