Jan 10, 2025 · QQQ/SPY Market Review · 33 headlines
QQQ ended the period 1.69% below the prior close and SPY fell 1.65%, with SPY ahead by 0.04 percentage points. The sharpest repricing followed the 08:30 ET labor releases: payrolls rose by 256,000 and unemployment fell to 4.1%, while the 30-year Treasury yield subsequently reached 5%. At 10:00 ET, long-term consumer inflation expectations reached their highest level since 2008 and one-year expectations rose to 3.3%. QQQ and SPY fell further over the next 15 minutes. Later sanctions on Russia's energy sector coincided with another, smaller downward move, while the broad indexes remained deeply negative through the close and extended trading.
Published
December payrolls rose by 256,000 and unemployment fell to 4.1%, versus a 4.2% estimate and prior reading. QQQ and SPY dropped 0.79% and 0.65% over the 15 minutes after the simultaneous labor releases. The 30-year Treasury yield then reached 5%, its highest level since November 2023.
Long-term consumer inflation expectations reached their highest level since 2008, one-year expectations rose to 3.3% from 2.8%, and preliminary January consumer sentiment registered 73.2 versus a 74.0 estimate and prior reading. Over the next 15 minutes, QQQ and SPY fell 0.72% and 0.59%.
Reported U.S. sanctions on Russia's energy sector raised the prospect of disrupted exports to India and China and higher global oil prices. The headline coincided with declines of 0.31% for QQQ and 0.25% for SPY over the next 15 minutes, a smaller move than those around the labor and inflation releases.
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