Weak open, recovery and macro data
Both ETFs recovered from opening gaps. December's Conference Board Employment Trends Index rose to 109.70 from 109.45, while the New York Fed's one-year inflation expectation held at 3.0%.
Jan 13, 2025 · QQQ/SPY Market Review · 24 headlines
Opening losses turn into gains alongside chip restrictions and tariff proposals
QQQ opened 0.97% below its previous close and finished up 0.20%, while SPY recovered from a 0.65% opening gap to end 0.47% higher, leading by 0.27 percentage point. The day's evidence centered on U.S. AI-chip export restrictions and Nvidia's response, direct labor and inflation-expectation readings, reported Blackwell rack faults, and a proposal for gradual tariff increases.
Published
- QQQ
- +0.20%
- SPY
- +0.47%
- QQQ − SPY
- -0.27%
What shaped the session
AI-chip policy and hardware
The U.S. issued an interim final AI-diffusion rule limiting chip orders, Nvidia objected to the policy, and separate reports described early Blackwell rack faults and reduced orders from several large clients.
Gradual tariff plan
A report said advisers to President-elect Trump were discussing monthly tariff increases designed to add negotiating leverage while seeking to limit an inflation surge.
Key news
Loading the full-day price curve…