SpaceX IPO, CPI, tech earnings unsettle S&P 500 ETFs

The S&P 500 declined to 7,383 from a year-to-date peak of 7,618 as investors reacted to the latest US nonfarm payrolls report and softer revenue guidance from Broadcom. Exchange-traded funds that track the index, including VOO, SPY and IVV, moved lower as market attention turned to upcoming data and corporate reports.

Broadcom posted quarterly results above expectations but issued revenue guidance below market forecasts. The guidance triggered sharp losses across semiconductor stocks, including AMD, Intel and Nvidia, and was a key factor in the index pullback late in the week.

The US nonfarm payrolls reading also changed expectations for economic growth and interest-rate policy, altering market pricing for Treasury yields and the path of Federal Reserve policy.

Investors are watching three near-term catalysts. First, the US consumer price index on June 10. Economists expect headline CPI to accelerate to about 4.2% from 3.8% and core CPI to be near 2.9%. A hotter-than-expected print would raise the chance of a continued hawkish tone from the Fed and could lift bond yields.

Second, a slate of technology earnings, led by Oracle and Adobe. Analysts forecast Oracle quarterly revenue near $19 billion, roughly 20% growth, with full-year revenue projections around $67 billion and $88 billion the following year. Adobe will report results that may clarify trends in software subscriptions and the effect of its AI offerings. Other companies reporting this week include Lennar, RH, Core & Main and Chewy.

Third, SpaceX plans to list on June 12. The offering is expected to raise about $75 billion at an initial valuation above $1.7 trillion, with early demand reportedly exceeding the planned allocation and the potential to push valuation closer to $2 trillion. The size of the offering and the founder’s profile make it one of the largest planned IPOs.

Portfolio managers and index investors tracking VOO, SPY and IVV will monitor volatility and liquidity around the CPI release, tech earnings and the SpaceX debut, since large order flows and post-listing trading can influence broader market flows.

The S&P 500 reached 7,618 earlier this year before the recent retreat. ETFs that replicate the index move in line with its changes. Market participants note that some recent large listings have shown steep initial gains followed by price adjustments in the weeks after their debuts.