(The opinions expressed here are those of the author, a

columnist for Reuters.)

By Mike Dolan

June 9 (Reuters) -

What matters in U.S. and global markets today

By Mike Dolan, Editor-at-Large, Finance and Markets

Relief rally, dip-buying or a dead cat bounce? However you want

to characterize Wall Street's modest rebound on Monday, what is

clear is that it was concentrated in places you'd expect: tech

megacaps that have been in the vanguard of the AI boom.

Meanwhile, 60% of the S&P 500 ended in the red again yesterday.

As to Monday's individual movers, chipmaker Marvell Technology's

inclusion in the S&P 500 index helped its stock jump by 9%.

I'll get into that and more below.

But first, check out my latest column on whether AI could become

a public utility.

And listen to the latest episode of the Morning Bid daily

podcast. Subscribe to hear Reuters journalists discuss the

biggest news in markets and finance seven days a week.

BUY THE CHIP

Where does Monday's rebound leave us? It's hard to see past the

AI juggernaut with all the IPO hoopla in the background. Elon

Musk's SpaceX is due to list at the end of the week, and OpenAI

on Monday said it had also confidentially filed for an IPO. With

Anthropic also set to hit this summer, the market will be

absorbing an unprecedented amount of issuance.

Meantime, China's May trade data overnight showed it riding the

AI boom as its export growth blew past expectations, jumping

almost 20% year-on-year. This is thanks in large part to the

enormous demand for memory chips and tech equipment, but also

the soaring prices of those memory chips.

And that speaks to the flip side of this AI boom: the

potential inflationary fallout and how it complicates the

picture for the Federal Reserve and other central banks. An ECB

interest rate hike is believed to be nailed on for this week,

and the Bank of Japan is expected to move in that direction this

month too.

Over in the Middle East, Iran and Israel both indicated that the

latest round of missile exchanges had been halted for now. That

allowed oil prices to give back their early gains on Monday,

having risen as much as 5% earlier in the day, and took some of

the edge out of Fed rate-hike bets. That also helps explain

Monday's modest stock rebound.

On Tuesday, Asian stocks rallied and U.S. futures edged up

before the bell, while oil prices fell further. Today will see

the data diary tilt toward housing, while Wednesday will bring

the May U.S. consumer price release and results from Oracle

after the bell.

Chart of the day

SpaceX is this week planning to raise $75 billion in a debut

equity listing, targeting a $1.75 trillion valuation that would

place it among the top 10 most ​valuable U.S.-listed firms, even

though only 7% of its listed shares will be freely tradeable at

launch on June 12.

Although the sale is reportedly two times oversubscribed and has

earmarked as much as 30%, or $22.5 billion, for retail

investors, S&P Global last week shut out SpaceX from quick

inclusion in the S&P 500 after deciding it would not change its

criteria - including a rule that a company must be profitable.

Meanwhile, index provider MSCI confirmed on Monday it will apply

existing rules for early inclusion of large IPOs in its Global

Standard Indexes, likely clearing the way for SpaceX to join.

Today's events to watch

* U.S. April trade balance (8:30 a.m. EDT), May existing

home sales (10 a.m. EDT)

* U.S. 3-year note auction (1 p.m. EDT)

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Opinions expressed are those of the author. They do not reflect

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