US stock markets have repeatedly reached all-time highs this year, driven largely by surging investment in artificial intelligence, even as broader economic concerns — including the ongoing Iran war, rising inflation, and growing government debt — cast a shadow over the rally. However, the nine-week winning streak on Wall Street came to an abrupt end on Friday, when stronger-than-expected US jobs data — 172,000 positions added in May, more than double analyst forecasts — crushed hopes of near-term interest rate cuts by the Federal Reserve (the US central bank), prompting fears of a potential rate hike instead. Technology and semiconductor stocks bore the brunt of the sell-off, with the Nasdaq Composite falling over 4% in a single session, its steepest daily drop in more than a year, though some analysts cautioned the pullback reflected over-positioning rather than a fundamental shift in the AI-driven bull market.