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\section*{Highlights}
\begin{itemize}
\item 7.7 billion one-minute bars, full U.S. cross-section incl.\ delistings, 1992--2026
\item Isolated $6\sigma$ shocks raise market-wide tail activity by at most 2\% of base rate
\item Propagation is concentrated among 20 correlation neighbours and tripled since the 1990s
\item Epps effect receded: one-minute cross-correlations rose from 0.00 (1996) to 0.30 (2015)
\item Extreme minutes fell $\sim$100-fold; severe co-jump minutes are 10$\times$ more frequent in crises
\end{itemize}
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