financetom
Market
financetom
/
Market
/
US STOCKS-S&P 500, Nasdaq to open lower as Broadcom revenue miss dents chip stocks
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
US STOCKS-S&P 500, Nasdaq to open lower as Broadcom revenue miss dents chip stocks
Jun 4, 2026 5:56 AM

* Futures: Dow up 0.81%, S&P down 0.36%, Nasdaq down

1.16%

* U.S. chipmakers dip after Broadcom's ( AVGO ) quarterly revenue

miss

* CrowdStrike ( CRWD ) slumps on rise in quarterly operating

expenses

* Weekly jobless claims data, Fed speakers on deck

(Updates prices)

By Medha Singh and Twesha Dikshit

June 4 (Reuters) - S&P 500 and Nasdaq 100 futures were

set to fall at the open on Thursday, as Broadcom's ( AVGO ) revenue miss

pressured chip stocks, while equity investors took a breather

after a strong rally to record highs.

Broadcom ( AVGO ) shares slumped 15% in premarket trading after

the chipmaker also stuck to its long-range forecast of $100

billion in sales from its AI chips. The stock has climbed nearly

55% this quarter and could shed nearly $350 billion in market

value if losses hold through the session.

"Broadcom ( AVGO ) is finding that meeting and even slightly beating

forecasts is not enough when the market is holding it to such a

high standard," said Dan Coatsworth, head of markets at AJ Bell.

Other chipmakers also fell in tandem, with Qualcomm ( QCOM )

and Advanced Micro Devices ( AMD ) down about 4% each, while

Micron Technology ( MU ) and Marvell Technology ( MRVL ) fell

around 7%.

The record-setting rally on Wall Street has stalled this

week, putting at risk the series of nine straight weekly gains

for the S&P 500, as investors weighed a renewed flare-up in

hostilities between the United States and Iran.

Although the two sides agreed to a ceasefire in early April,

talks to end the war and reopen the Strait of Hormuz have made

little progress, threatening to keep oil prices elevated and

stoke inflation.

"The shift feels less like a fundamental change in narrative

and more like a combination of profit-taking, stretched

positioning and a reassessment of geopolitical risks after weeks

of almost uninterrupted gains," said Daniela Hathorn, senior

market analyst at Capital.com.

At 08:00 a.m. ET, S&P 500 E-minis were down 27.5 points,

or 0.36% and Nasdaq 100 E-minis were down 355.25 points,

or 1.16%.

Dow E-minis were up 414 points, or 0.81%, buoyed by a 3%

gain in UnitedHealth ( UNH ) after Bank of America raised its

rating on the healthcare conglomerate's shares to "buy."

Wednesday's ISM survey showed the U.S. services sector

expanded in May. Weekly jobless claims data, due later in the

day, will be the last economic reading before Friday's broader

monthly employment report.

The data will give new Federal Reserve Chairman Kevin Warsh

a fresh read on the U.S. labor market as he heads into his first

policy meeting this month, at a time when U.S. consumers are

under strain from Iran war-driven price pressures.

Traders see a 75% chance of a 25-basis-point rate hike before

the end of the year, LSEG data showed.

Federal Reserve Bank of Richmond President Thomas Barkin and

San Francisco Fed President Mary Daly are also due to speak on

Thursday, among the last appearances before the Fed's

pre-meeting blackout period.

Among market movers, CrowdStrike ( CRWD ) slumped 9.5% after the

cybersecurity company reported a rise in its first-quarter

operating expenses.

An investor roadshow for Elon Musk-led SpaceX begins on

Thursday ahead of its market debut on June 12. It aims to raise

$75 billion in a record IPO that would value it at $1.75

trillion and rank it among the top 10 U.S.-listed firms.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Eli Lilly & Insider Bought Shares Worth $494,627, According to a Recent SEC Filing
Eli Lilly & Insider Bought Shares Worth $494,627, According to a Recent SEC Filing
Aug 15, 2025
04:18 PM EDT, 08/15/2025 (MT Newswires) -- Lucas Montarce, Executive Vice President and Chief Financial Officer, on August 15, 2025, executed a purchase for 715 shares in Eli Lilly ( LLY ) & (LLY) for $494,627. Following the Form 4 filing with the SEC, Montarce has control over a total of 14,685 common shares of the company, with 14,685 shares...
CNO Financial Group Insider Sold Shares Worth $973,018, According to a Recent SEC Filing
CNO Financial Group Insider Sold Shares Worth $973,018, According to a Recent SEC Filing
Aug 15, 2025
04:33 PM EDT, 08/15/2025 (MT Newswires) -- Karen J. Detoro, President, Worksite Division, on August 13, 2025, sold 25,657 shares in CNO Financial Group ( CNO ) for $973,018. Following the Form 4 filing with the SEC, Detoro has control over a total of 41,855 common shares of the company, with 41,855 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1224608/000178957725000008/xslF345X05/wk-form4_1755289731.xml ...
US Equity Markets End Mixed as Trump, Putin Meet
US Equity Markets End Mixed as Trump, Putin Meet
Aug 15, 2025
04:21 PM EDT, 08/15/2025 (MT Newswires) -- US benchmark equity indexes were mixed on Friday as the meeting between Donald Trump and Vladimir Putin started in Alaska with the Dow Jones Industrial Average approaching a closing record high, boosted by a jump in UnitedHealth Group ( UNH ). * Ahead of the talks on the Ukraine-Russia conflict, investors moved into...
Lemonade Insider Sold Shares Worth $2,289,300, According to a Recent SEC Filing
Lemonade Insider Sold Shares Worth $2,289,300, According to a Recent SEC Filing
Aug 15, 2025
04:20 PM EDT, 08/15/2025 (MT Newswires) -- John Sheldon Peters, Chief Insurance Officer, on August 13, 2025, sold 38,155 shares in Lemonade (LMND) for $2,289,300. Following the Form 4 filing with the SEC, Peters has control over a total of 105,115 common shares of the company, with 105,115 shares held directly. SEC Filing: https://www.sec.gov/Archives/edgar/data/1691421/000181629925000006/xslF345X05/wk-form4_1755288754.xml ...
Copyright 2023-2026 - www.financetom.com All Rights Reserved