The S&P 500 and the Nasdaq witnessed a significant drop, with both indices falling by over 1% as investors shifted focus from technology to other sectors. The tumble was primarily driven by Broadcom and Oracle, whose shares fell amid heightened concerns over a looming AI bubble and climbing U.S. Treasury yields.

Broadcom shares plummeted 11.4% following profit margin warnings, while Oracle dipped 4.5% on the heels of a weak financial forecast. The fall in big tech shares also cast a shadow over the broader semiconductor industry, with every stock in the Philadelphia semiconductor index losing ground.

Despite the tech sector's downturn, the market overall showed mixed results, with defensive consumer staples gaining ground. Investors are now bracing for the upcoming release of labor marke

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