U.S. equity markets wrapped up Friday on a mixed note, with the S&P 500 (SPI:SP500) slipping 0.3% as a decline in semiconductor shares overshadowed dovish comments from a leading Federal Reserve official, who suggested interest rate cuts could come as early as the next policy meeting.

The Dow Jones Industrial Average posted a modest gain of 35 points (0.1%), while the NASDAQ Composite lost 0.5% by the close.

Trading volumes were light this week, with Wall Street closed Thursday in observance of Juneteenth, and many investors remained on the sidelines amid policy uncertainty.

Semiconductor stocks were among the biggest decliners after a report from The Wall Street Journal indicated the Trump administration is preparing to tighten export rules on U.S. semiconductor equipment destined for China.

The plan would reportedly revoke current waivers that permit certain American firms to continue supplying technology to Chinese operations. However, according to a U.S. official cited in the report, the effort is not intended as a new trade confrontation, but rather an attempt to mirror China’s licensing approach to rare-earth exports.

Shares of Nvidia (NASDAQ:NVDA) and Broadcom (NASDAQ:AVGO) were among the hardest hit, pulling the broader chip sector lower.

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