Tuesday, June 9, 2026 — Market Close
Tech sold off on Tuesday, giving back Monday's rebound gains. The S&P 500 and Nasdaq both ended lower, driven by continued AAPL weakness post-WWDC and broader rotation pressure. The WSJ points to Alphabet's recent capital raise and the pending SpaceX IPO as factors draining capital from big-cap tech.
Wednesday brings two major catalysts: May CPI data (core CPI expected +2.8% YoY, unchanged from prior -- a hot print reignites rate-hike fears) and Oracle Q4 FY26 earnings after close (consensus $19.08B revenue, $1.96 EPS -- cloud backlog update will be the key AI infrastructure signal).
| Ticker | Close | Change | % Move | Signal |
|---|---|---|---|---|
| AAPL | $290.55 | -$10.99 | -3.64% | Alert |
| TSLA | $396.68 | -$12.27 | -3.00% | Alert |
| CRWV | $98.45 | -$3.92 | -3.83% | Alert |
| MSFT | $403.41 | -$8.33 | -2.02% | Watch |
| AVGO | $392.16 | -$4.44 | -1.12% | Watch |
| AMZN | $244.19 | -$1.03 | -0.42% | |
| NVDA | $208.19 | -$0.45 | -0.22% | |
| META | $584.59 | -$0.80 | -0.14% | |
| GOOGL | $364.26 | +$0.95 | +0.26% | |
| TSM | $427.92 | +$1.12 | +0.26% | |
| ASML | $1,777.77 | +$28.73 | +1.64% |
What happened: Second consecutive selloff day post-WWDC (-1.9% Monday, -3.6% Tuesday). The stock hit record highs near $317 last week on pre-event hype and has now given back all of that run. Investors are punishing Apple for a Siri AI reveal that analysts called "incremental, not transformative." The overhauled Siri won't enter beta until later this year, with broad availability likely pushed to early-to-mid 2027.
Analyst reaction: Barclays reiterated Underweight with a $253 PT. KeyBanc flagged "no clear signs of monetization" and Apple's heavy reliance on Google Gemini. UBS neutral at $296. Oppenheimer neutral. Gene Munster estimates full Siri AI launch is still 6-12 months away beyond the beta.
Why it matters: Unlike a pure sentiment dip, this drop has some fundamental basis -- Apple's AI monetization path remains genuinely unclear, and the WWDC reveal confirmed that Apple is still catching up. The stock broke below its 50-day moving average ($280.29 was the 50-DMA per MarketBeat, but now at $290 it's above that). Still, the intraday low of $287.78 shows sellers are active.
What happened: Gave back all of Monday's 4.6% gain (Austin robotaxi launch excitement) and then some. Today's drop appears driven by broader tech rotation -- the WSJ flagged Alphabet's equity raise and SpaceX's pending IPO as pulling capital from mega-cap tech. Intraday range was wide ($384-$418), signaling indecision.
Positive backdrop: JPMorgan recently reversed its long-time bear stance, citing "massive physical AI potential." Cathie Wood added robotaxi economics to ARK's bull case after riding an unsupervised Tesla taxi in Austin. The robotaxi launch is a legitimate milestone, not vaporware.
Why it matters: TSLA's P/E of ~357x means the stock is priced for massive execution on robotaxi, humanoid robots, and energy. Any macro wobble (like a hot CPI) hits high-multiple names hardest. Down 20% from 52-week high of $498.
What happened: Continued selling pressure in AI infrastructure names. CRWV is down 47% from its 52-week high of $187 and now trading below $100 again. Recent insider sales (CEO, COO) under pre-arranged plans are adding to negative sentiment, even though the fundamental story remains intact.
Bull case: BNP Paribas just initiated coverage with an Outperform rating and $192 price target -- nearly 2x the current price. The company has a $99.4B contract backlog, sold-out 2026 capacity, and multi-year deals with Anthropic and Meta extending to ~2032. Russell 3000 index inclusion is pending, which should drive institutional inflows.
Risk: Still unprofitable (EPS -$3.07 TTM), highly leveraged balance sheet, and 89% implied volatility. This is high-beta by definition.
What happened: Continued to consolidate after last week's post-earnings selloff. AVGO reported on June 3: beat on EPS ($2.44 vs $2.40) and revenue ($22.19B vs $22.13B, +48% YoY), but shares dropped ~14% because management didn't raise AI guidance aggressively enough. Now trading at $392, down 21% from the 52-week high of $495.
Bull case: BofA raised its PT to $530 (35% upside). The stock trades at 20x FY27 EPS with 60% revenue growth projected next year. Multiple analysts call the selloff overdone. FY27 AI semiconductor revenue guidance reaffirmed at $100B+, with shipment metrics implying potential for $200B.
Core CPI expected at +2.8% YoY (unchanged from April). A hotter-than-expected print would revive rate-hike fears and hammer high-multiple tech and AI names across the board. A cooler print could trigger a relief rally. With the 10-year yield at 4.55% and the FOMC meeting June 16-17, this number carries outsized weight.
Consensus: $19.08B revenue (+20% YoY), $1.96 EPS (+15%). The real number to watch is the cloud backlog (remaining performance obligations). Oracle has been a beneficiary of AI infrastructure spending, and a strong RPO update would validate the AI capex thesis and could lift AVGO, CRWV, and the entire infra trade. A miss or tepid backlog growth would add fuel to the "AI spending peak" narrative that drove last week's selloff.