What the Blue Origin rocket explosion means for Amazon’s satellite ambitions The S&P 500 and Nasdaq are near flat, concluding a strong May fueled by AI stock rallies. A Blue Origin rocket explosion during a test launch in Florida has created a potential snag for Amazon’s satellite ambitions and its Amazon Leo network, raising questions about deployment timelines amidst competition with SpaceX’s Starlink. Upcoming events include Nvidia’s CEO keynote, the trading debut of FedEx’s freight spin-off, Microsoft’s developer event, and earnings reports from key tech companies, all ahead of crucial jobs data.

• The S&P 500 and Nasdaq are hovering near flatline, concluding a strong May with the S&P 500 up 5% and Nasdaq up over 8%.
• A Blue Origin New Glenn rocket exploded during a ground test at Cape Canaveral, Florida, potentially delaying Amazon’s satellite deployment for its Amazon Leo network.
• Amazon’s satellite business aims to compete with SpaceX’s Starlink and plans to begin initial commercial service in the third quarter.
• Upcoming events include Nvidia CEO Jensen Huang’s keynote at Computex, FedEx’s freight spin-off trading debut, and Microsoft’s Build developer event.
• Key tech companies like Palo Alto Networks, CrowdStrike, and Broadcom are also scheduled to release updates next week.
• The economic focus is on jobs data, particularly next Friday’s May nonfarm payrolls report.