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US STOCKS-S&P 500, Nasdaq to open lower as Broadcom revenue miss dents chip stocks
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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.

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