Broadcom (AVGO) Q2 earnings: Wednesday, June 3 (after market close)

Broadcom reports its fiscal second-quarter results after the close today. The setup heading in: the company has guided to approximately $22 billion in quarterly revenue, a 47% year-over-year increase, including AI semiconductor revenue of $10.7 billion for Q2. Q1 AI chip revenue grew 106% YoY.

Broadcom’s results have become a proxy for the pace of hyperscaler AI infrastructure investment. Commentary on AI chip demand trajectory (whether the acceleration continues, stabilizes, or shows signs of saturation) carries read-across implications for technology sector risk appetite broadly.

Fed Beige Book: Wednesday, June 3

The Federal Reserve publishes its June Beige Book today, two weeks ahead of the June 16-17 FOMC meeting. The report compiles qualitative economic conditions from all 12 Federal Reserve districts. It does not typically move markets the way hard data releases do, but it forms part of the evidence base Fed officials draw on when framing their June decision.

Traders watching services inflation and regional labor market signals will note any change in tone from the April edition, which described modest, uneven growth with elevated price pressures.

Relevant markets: USD-sensitive pairs broadly.

NFP: Friday, June 5

The Bureau of Labor Statistics releases May employment data at 8:30 a.m. ET on Friday. This is the last major labor print before the June 17 FOMC decision.

The April report showed nonfarm payrolls rising 115,000 and unemployment holding at 4.3%. Fed officials have framed the labor market and inflation as the two conditions determining the timing of any rate adjustment. Traders will be watching whether May continues the pattern of modest job creation with stable unemployment, or surprises in either direction.

A stronger-than-expected read could reduce implied odds of rate cuts later in 2026. A weaker print, particularly one accompanied by a tick higher in unemployment, may shift those expectations in the other direction. The wage growth component will also receive attention given the current inflation backdrop.

Relevant markets on Kraken Pro: BTC/USD, ETH/USD, and pairs with demonstrated sensitivity to interest rate expectations.

SpaceX IPO (SPCX): targeting Nasdaq, week of June 8-12

SpaceX filed its S-1 registration statement with the SEC on May 20, 2026. Per multiple reports citing the Wall Street Journal, Reuters, and CNBC, the institutional investor roadshow is targeting the week of June 4-8, with pricing reportedly scheduled for Thursday, June 11 and a potential Nasdaq debut on Friday, June 12 under the ticker SPCX. SpaceX has not publicly confirmed any of these specific dates or its valuation target, and they remain subject to SEC review and market conditions.

The reported scale of the offering (approximately $75 billion raised at a valuation of $1.75 trillion or more) would, if completed at those levels, make it the largest IPO in history by both measures. The S-1 discloses $18.7 billion in 2025 revenue alongside a $41.3 billion accumulated deficit, with losses concentrated in xAI operations.

For traders, the relevant framing is around capital markets liquidity. When institutional investors allocate large sums to a new listing, it can create short-term rotation dynamics across risk asset categories. Whether that dynamic materializes around SPCX, and in which direction, is worth monitoring.

Relevant markets on Kraken Pro: BTC/USD, ETH/USD.

CPI (May): Wednesday, June 10

May Consumer Price Index data releases at 8:30 a.m. ET on June 10, one week before the FOMC decision. April CPI came in at 3.8% year over year, with core CPI (excluding food and energy) at 2.8% YoY.

The gap between headline and core has become a specific area of focus: elevated headline has been linked by multiple sources to energy price pressures tied to geopolitical uncertainty, while core has climbed more gradually. The Fed tends to weight core more heavily in its policy deliberations, though headline matters for inflation expectations and consumer behavior.

May CPI lands with the FOMC meeting one week away, making its read-across to the dot plot unusually direct. Traders will be assessing whether the data changes the probability-weighted view on rate cuts in late 2026.

Relevant markets on Kraken Pro: BTC/USD, ETH/USD, all USD-denominated pairs.

PPI (May): Thursday, June 11

The Bureau of Labor Statistics releases May Producer Price Index data at 8:30 a.m. ET on June 11, the day after CPI and the day before SpaceX’s reported debut. April PPI rose 1.4% month over month (the largest single-month advance since March 2022) and 6.0% year over year.

PPI measures price changes at the producer level before they flow through to consumers. It functions as a leading indicator for future CPI direction and tends to receive heightened attention when it diverges from consumer prices. May PPI arriving one day after May CPI will either reinforce or complicate the inflation narrative entering June 17.

Relevant markets: BTC/USD, ETH/USD.

Also in the window: ISM Services, ADP, and weekly derivatives expiries

ISM Services PMI and ADP private payrolls both release Wednesday, June 3. The ISM Services prices sub-index has held at historically elevated levels in recent months, making it a useful supplementary read on services inflation. ADP provides a private-sector view on employment ahead of Friday’s official NFP.

Weekly BTC and ETH options expire on Deribit at 08:00 UTC on Friday, June 5 and again on Friday, June 12. The June 12 expiry is the last weekly expiry before the June 16-17 FOMC meeting.

Closing context

From NFP on Friday through CPI on the 10th, PPI on the 11th, and the FOMC on the 17th, this fortnight has a clear macro sequencing logic. Each data release feeds the next.

The SpaceX pricing and debut, if they proceed on the reported timeline, fall in the same week as CPI and PPI, adding a capital-markets layer that traders watching liquidity conditions will want factored into their thinking.

This content is for informational purposes only and does not constitute financial advice. Past market behavior is not a reliable indicator of future results. Trading involves risk.