This Week on Wall Street: Apple WWDC, May CPI, Oracle Earnings, and the SpaceX IPO

Last Friday (June 5), a semiconductor-led selloff compounded by a stronger-than-expected jobs report sent the Nasdaq Composite down 4.18% — its worst single-day drop of the year. The new week arrives with a dense calendar of events that could move markets: inflation data, major earnings, a central bank decision, and a landmark IPO. Here's the rundown, in order.

Monday: Apple WWDC

The week opens with Apple's (AAPL) Worldwide Developers Conference. Investors will be watching for tangible AI progress — on-device features, an upgraded Siri, and new developer APIs built around generative capabilities. After a year of scrutiny over Apple's pace on AI, whatever the company announces here will directly shape how the market prices its AI story.

Wednesday: CPI and Oracle Earnings

May CPI: At 8:30 a.m. ET on June 10, the BLS releases May consumer prices. The Street is looking for headline CPI up roughly 0.6% month-over-month and core CPI up about 0.3%, with the year-over-year reading expected to come in above April's level.^{[CMC Markets]} This will be the first inflation read since Friday's jobs data reignited the "higher for longer" debate.

Oracle (ORCL) earnings: After the close the same day, Oracle reports. Consensus calls for EPS of roughly $1.96, up about 15.4% YoY, on revenue of approximately $19 billion, implying ~20.1% YoY growth.^{[MarketScreener]} As a cloud infrastructure and AI compute provider, the focus will be on cloud growth rates and capex guidance. Pet e-commerce retailer Chewy (CHWY) also reports that day.

Thursday: PPI, ECB, Earnings, and SpaceX IPO

Thursday is the busiest day of the week. The BLS publishes May PPI; the ECB announces its latest rate decision; and Adobe (ADBE) and homebuilder Lennar (LEN) both report earnings. Adobe is a bellwether for whether AI is actually translating into software revenue, while Lennar's order volumes and pricing data will reflect demand conditions under elevated rates.

Also on Thursday, Reuters reports that SpaceX plans to price its IPO ahead of a June 12 listing on Nasdaq under the ticker SPCX. The offering targets roughly $75 billion in proceeds at a valuation of at least $1.8 trillion — which would make it the largest IPO in history.^[CNBC]

Two Items in the Background

Alphabet's equity raise: Alphabet (GOOGL) has closed its stock offering at $84.75 billion — upsized from the originally announced $80 billion — including a $10 billion private placement with Berkshire Hathaway. Proceeds are earmarked for general corporate purposes, primarily AI infrastructure capex. Alphabet previously updated its 2026 capex guidance to $180–$190 billion.^[CNBC]

Fed on deck: The FOMC meets June 16–17, the first meeting chaired by new Fed Chair Kevin Warsh, who markets view as relatively open to rate cuts. That said, three committee members dissented on the policy statement language at the last meeting. This week's CPI and PPI prints will land before the Fed convenes — and could set the tone.^{[CMC Markets]}

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