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What matters is that anxiety around U.S. tech is spilling into the broader market, meaning this is not just a pullback in a few names but a wider reassessment of AI monetization, valuation durability, and the cost of capital. With the S&P 500 at 7398.93 and the 10-year Treasury yield still elevated at 4.41%, equities may remain high in level terms while higher discount rates continue to pressure long-duration growth assets. The key signals to watch next are whether Nasdaq weakness spreads into financials, consumer sectors, and small caps, whether earnings can sustain capex and margins, and whether the 10-year yield breaks materially above the 4.5% area. If fading Fed easing expectations start to coincide with wider credit spreads, the market could shift from a sector rotation story into a broader repricing of growth and earnings risk.

The broader signal is that even with the OECD unemployment rate at 4.3%, World Cup-related hiring in hospitality, lodging, food service, and events is reinforcing service-sector labor demand and highlighting underlying resilience in the U.S. job market. Three straight months of payroll gains above expectations suggest domestic demand is still cushioning the economy, but event-driven hiring can be temporary, so this should not be read as proof of uniformly tight labor conditions across all sectors. The key next step is to watch whether strength spreads beyond hospitality and to track wage growth, labor-force participation, average hours worked, and job openings to judge whether inflation pressure and labor demand are becoming more broad-based. It will also matter whether hiring fades after the event build-out, because any payback in employment would shape the outlook for consumption, labor supply dynamics, and Federal Reserve policy.