As of 20:00 ET, QQQ was down 0.89% and SPY 0.78%, leaving SPY ahead by 0.11 percentage points. September manufacturing and services PMI topped estimates and Fed Governor Barr raised the possibility of more hikes. A cargo-ship strike and Iran’s reopening conditions kept Hormuz shipping in focus. Microsoft’s Gulf AI investment and reported TSMC price increases shaped the technology backdrop. Later developments may change this picture.