S&P 500 Falls 0.3% on June 9 as Tech Stocks Retreat; CPI Data Looms

According to Bloomberg data, the S&P 500 index fell 0.3% on June 9 as technology stocks faced capital rotation. The Nasdaq declined 1.1%, with intraday losses exceeding 4%, while the Philadelphia Semiconductor Index retreated 1.9% after surging 5.6% the prior day. The index swung 3.4% from intraday low to high, marking the second-largest single-day reversal since April 2025.

Markets face heightened anxiety ahead of Wednesday's U.S. consumer price index release. Economists forecast May CPI to rise 4.2% year-over-year, up from 4.1% in April, reigniting inflation and rate-hike concerns. The VIX volatility index briefly exceeded 20, and according to Citigroup analysis, options markets are pricing in potential 0.9% swings for the S&P 500 on Wednesday, well above the 12-month average of 0.5%.