Broadcom Shares Slip Up to 2.5% as S&P, Nasdaq Futures Decline
AVGO•S&P 500 and Nasdaq futures fell on June 5 as Nvidia declined 1.2% and Broadcom shares slipped between 1.2% and 2.5% in premarket trading. Investors await the May nonfarm payrolls report projecting an 85,000 jobs increase, which could influence the Federal Reserve’s policy trajectory.
1. Futures Retreat on Tech Slump
S&P 500 E-mini futures were down 0.38% and Nasdaq 100 E-mini futures fell 0.88% at the latest premarket reading, reflecting a pullback after recent gains driven by semiconductor and AI-related stocks.
2. Broadcom Among Chip Losers
Broadcom shares declined between 1.2% and 2.5% alongside Nvidia’s 1.2% drop and similar falls at Intel, Micron and AMD, as investors pared back positions following a strong rally in the sector.
3. Payroll Data Looms for Fed Guidance
The Labor Department’s May nonfarm payrolls are forecast to show an 85,000 increase, a figure investors will weigh for clues on the Federal Reserve’s rate outlook ahead of the new chair’s policy meeting.
