$915B wiped in a single session. The streak just broke.

Nasdaq painted its first red weekly candle after 6 straight greens. $915B evaporated today — biggest single-day loss since this rally kicked off.

S&P barely survived with a 7th green week, +0.13%. Hanging by a thread.

5 catalysts converged:

1. Inflation isn't cooperating. CPI 3.8%, PPI 6%, import prices doubled estimates. All screaming higher for longer.

2. Retail sales collapsed from 1.6% to 0.5%. The consumer is cracking.

3. Bonds flashing red. 30Y yield hit 5.086%, 10Y at 4.536%. When bonds dump this hard, equities follow.

4. Samsung strike risk is real. May 21 is 6 days out. Apple and HP already scrambling for alternatives. Korean markets -7% today.

5. Trump left Beijing empty-handed. Markets priced in a deal. Classic buy rumor, sell news.

6 weeks of euphoria. 1 week of reality.

The rally isn't dead. But the easy money phase might be.