A blowout 172K jobs report — more than double consensus — shattered the AI rally, sending the Nasdaq down 4.2% in its worst session since April 2025 and wiping roughly $1 trillion from markets as the 30-year yield topped 5% again.

The S&P 500 snapped its longest winning streak in a year as fresh US-Iran strikes drove oil back toward $96 and Treasury yields higher.

The Dow surged 875 points to a record as money rotated out of chips and into healthcare and financials, with Broadcom's 12.6% crash exposing the AI trade's concentration.