* IPO for Elon Musk's SpaceX expected on June 12

* CPI data on Wednesday to show latest inflation trends

* Oracle, Adobe results come as tech leads market higher

By Lewis Krauskopf

NEW YORK, June 5 (Reuters) - The long-awaited, massive

SpaceX initial public offering is expected next week, a major

event for the U.S. stock market, with investors wary of possible

overexuberance after a stunning rally.

Investors will also assess fresh inflation data and earnings

reports from key companies in the technology sector, which has

driven the market's recent surge.

The benchmark S&P 500 was on pace for a slim weekly rise,

building on nine straight weeks of gains. Disappointing results

late on Wednesday from chip company Broadcom ( AVGO ) sapped

some of the momentum for semiconductor shares, which have boomed

on AI optimism. Indexes remained near record highs, with the S&P

500 up about 11% in 2026, including a nearly 20% rebound since

its late-March low for the year.

"Nothing has stuck in terms of pessimism in the last two

months," said Mark Hackett, chief market strategist for

Nationwide. "There is just this underpinning of momentum, this

insatiable appetite for tech holdings and just the technical

buying spree that is really dwarfing almost all other inputs."

Some investors have been bracing for a pause, if not a

pullback, after the sharp rally. Risks include the U.S.-Israeli

war with Iran and the potential for renewed spikes in energy

prices if Middle East tensions flare.

SPACEX IN SPOTLIGHT

Elon Musk's SpaceX is aiming to raise $75 billion, the most

ever for an IPO, in a deal that would value it at $1.75

trillion. Pricing is expected on June 11, with trading to begin

on the Nasdaq the next day.

The company has an unusual and diverse set of businesses,

including rockets, satellite communications and AI computing.

Adding in the involvement of Musk - Tesla's leader and

the world's wealthiest man - and SpaceX's valuation is tricky to

pin down, rising to exorbitant levels by some measures. The

company posted a net loss of $4.94 billion in 2025, even as

revenue rose 33% to $18.67 billion.

The IPO could lure significant attention from retail

investors and provide another high-profile way to gain exposure

to the AI trade.

"We've got one of the biggest IPOs in history coming ...

which I think is the focus of everybody's interest," said Jason

Pride, chief of investment strategy and research at Glenmede.

"The question mark surrounding it is whether it's an indication

of market froth."

SpaceX's debut is expected to be followed by other mega IPOs in

the coming months from Anthropic and OpenAI, two of the AI

leaders. Anthropic, which makes the Claude chatbot, said this

week it has confidentially filed for a U.S. IPO.

The SpaceX IPO is "an important benchmark," said Matt

Wittmer, a portfolio manager at Allspring Global Investments,

adding that "the company itself will be playing in some of those

key areas that people are looking for to find new secular growth

opportunities."

CPI DATA DUE, ORACLE, ADOBE TOO

The May Consumer Price Index, due on Wednesday, will show

how surging oil and gasoline prices are influencing inflation.

One concern is the extent to which higher energy prices might be

affecting other CPI components, Pride said, ahead of the Federal

Reserve's meeting this month.

"The Federal Reserve is going to be watching this like a

hawk," Pride said. "They're going to want to see those pieces

continue to remain stable and not increase as a pass-through

from the energy and food prices."

In the wake of the spike in energy prices, futures are

factoring in a greater chance the Fed raises interest rates this

year rather than cuts, after markets had anticipated

equity-friendly rate decreases at the start of 2026.

Other economic data next week includes Thursday's report on

producer prices.

Quarterly reports from tech companies Oracle and Adobe

will also be in focus. Tech has long dominated the U.S.

stock market, but the sector's recent outperformance pushed it

to more than 39% of the S&P 500's market capitalization this

week, its highest share on record.

The results will test the strength of the tech trade and the

rebound in the software industry, which was hit hard to start

the year on concerns about AI disruptions. Shares of Oracle are

up about 21% this year, while Adobe is down 26%.

"Getting more data points from some of the AI value chain is

going to be important," Wittmer said.