Markets Brace for SpaceX IPO, Inflation Data, and Key Earnings

TLDR

• SpaceX plans to list on the Nasdaq at $135/share, targeting a $1.75–1.78 trillion valuation
• May CPI is expected to rise to 4.2% year-over-year, driven by oil price pressures from the Iran conflict
• The S&P 500 fell 2.6% and the Nasdaq dropped 4.7% last week after a strong jobs report
• Oracle and Adobe both report earnings this week, offering a read on AI demand
• Bitcoin ended the week around $60,000, more than 50% below its all-time high

Markets are heading into one of the busiest weeks of the year. A record-breaking IPO, fresh inflation data, and major tech earnings are all on the calendar.

Markets Took a Hit Last Week

The S&P 500 dropped 2.6% last week, snapping a nine-week winning streak. The Nasdaq fell 4.7%, its worst week in months.

The selloff came after a stronger-than-expected jobs report. The U.S. economy added 172,000 jobs in May, nearly double the 88,000 estimate.

That data pushed markets to price in at least one interest rate hike before year-end. Tech stocks were hit hardest.

Bitcoin also fell, finishing the week around $60,000. That is more than 50% below its record high. Rate hike fears dragged on crypto alongside equities.

Consumer confidence is also weak. The University of Michigan sentiment index hit an all-time low of 44.8 in May.

SpaceX IPO Could Break Records

The biggest market event this week may be the SpaceX IPO. The company is expected to price shares at $135 on June 11 and begin trading on the Nasdaq on June 12.

The deal would value SpaceX at between $1.75 and $1.78 trillion, making it the largest IPO in history.

SpaceX recently acquired xAI, Elon Musk’s AI company behind the Grok chatbot. The company projects its total addressable market at $28.5 trillion, with more than 90% tied to its AI business.

SpaceX posted a net loss of $4.94 billion in 2025, though revenue rose 33% to $18.67 billion.

Analysts at LPL Financial have warned that heavy reliance on unproven AI technology could make for a volatile ride for new investors.

The Nasdaq recently relaxed its index inclusion rules. That means SpaceX could be added to the Nasdaq 100 within weeks of listing, forcing index funds to buy shares automatically.

Inflation Data and Earnings Round Out the Week

Wednesday brings the May Consumer Price Index report. Headline CPI is expected to come in at 4.2% year-over-year, up from 3.8% in April.

The Iran conflict has closed much of the Strait of Hormuz, through which 20% of the world’s oil flows. Gas prices were already up 28% year-over-year in April.

Core CPI is forecast at 2.9%, suggesting oil-driven inflation is spreading into other areas of the economy.

The European Central Bank is also expected to raise rates this week, the first major central bank to do so since the Iran war began in late February.

Oracle reports Wednesday after the bell. The stock is up around 9–12% year to date. Analysts will watch for signs that AI-driven cloud demand is holding up.

Adobe reports Thursday. Its shares have fallen more than 33% in 2026. The company is searching for a new CEO after longtime chief Shantanu Narayen announced his departure in March.

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