* Indexes: Dow up 0.26%, S&P 500 down 0.22%, Nasdaq down

0.68%

* Russell 2000 index rises 0.5%

* Philadelphia semiconductor down 2%

* Consumer prices data, SpaceX market debut on watch this

week

(Updates with prices, analyst comment)

By Twesha Dikshit and Joel Jose

June 9 (Reuters) - The S&P and the Nasdaq dipped on Tuesday,

erasing early gains as tech stocks lost momentum, with investors

turning cautious ahead of inflation data and a highly

anticipated SpaceX IPO later this week.

AI stocks saw a sharp sell-off on Friday, after Broadcom's ( AVGO )

disappointing forecast fueled concerns about high valuations in

the sector, particularly in chipmakers, which have rallied

strongly this year.

Shares of chipmakers Intel ( INTC ), Broadcom ( AVGO ) and

Micron Technology ( MU ) dropped between 1.7% and 2%. The

Philadelphia SE Semiconductor index fell 2% after rising

as much as 3% in early trading.

The S&P 500 tech index shed almost 1.7%.

Heavyweight Nvidia ( NVDA ) fell 1.2%, while Apple ( AAPL ) and

Microsoft ( MSFT ) lost 3% and 1.1%, respectively.

"Tech stocks, that's where a lot of the growth and momentum

has been during this recent leg of the rally," said Jordan

Rizzuto, CIO at GammaRoad Capital Partners.

"They are typically the most rate sensitive. And so it's no

surprise that with increased uncertainty around rate

expectations, that shorter term positioning in those sectors,

tech particularly, are seeing some profit taking."

A stronger-than-expected jobs report on Friday added to

concerns that the Federal Reserve will raise interest rates this

year. Traders are pricing in a 43% chance of a 25 basis point

rate hike in December, as per CME Group's FedWatch tool.

Consumer prices data for May, due on Wednesday, will be

closely watched for fresh clues on how the rise in energy prices

due to the Iran war is impacting inflation.

At 11:00 a.m. ET, the Dow Jones Industrial Average

rose 131.61 points, or 0.26%, to 50,917.62, the S&P 500

lost 16.10 points, or 0.22%, to 7,389.63 and the Nasdaq

Composite lost 176.07 points, or 0.68%, to 25,753.60.

SpaceX's $1.75 trillion market debut on Friday could also be

a hurdle for U.S. stocks as investors worry about possible

overexuberance among high-growth technology stocks. Elon Musk's

SpaceX is aiming to raise $75 billion, the most ever for an IPO.

"Funds and ETFs have to make room for SpaceX in their

portfolios," said Paul Nolte, senior wealth advisor and market

strategist for Murphy & Sylvest.

Advancing issues outnumbered decliners by a 1.72-to-1 ratio

on the NYSE, and by a 1.32-to-1 ratio on the Nasdaq.

The S&P 500 posted 26 new 52-week highs and 6 new lows,

while the Nasdaq Composite recorded 133 new highs and 84 new

lows.