Wall Street closed this week with a split‑screen feel: on one side, the Dow Jones Industrial Average and S&P 500 punched out fresh all‑time highs; on the other, the Nasdaq Composite stalled under the weight of renewed AI bubble worries and a sharp selloff in a handful of big tech names. A decisive Fed rate cut last week and stronger‑than‑expected labor data kept the “soft‑landing” narrative alive, but market leadership has clearly shifted toward old‑economy cyclicals, financials, and selective value while some AI‑linked winners consolidate or give back gains.
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