Executive-policy reset
Trump revoked targets for electric-vehicle sales and the prior AI risk-management order. He also declared a national energy emergency and backed expanded U.S. oil drilling.
Jan 21, 2025 · QQQ/SPY Market Review · 35 headlines
Policy shifts and AI investment accompany nearly even 1.13% gains
QQQ opened 0.44% above its previous close, briefly fell below it during the session, and finished up 1.13%. SPY opened 0.37% higher and also ended up 1.13%, edging QQQ by 0.01 percentage point. Executive-policy changes and semiconductor developments filled the session, while the Stargate AI plan and discussion of a China tariff shaped the evening news flow.
Published
- QQQ
- +1.13%
- SPY
- +1.13%
- QQQ − SPY
- -0.01%
What shaped the session
China and semiconductor updates
Apple's fourth-quarter China sales reportedly fell 18.2% from a year earlier. Huawei emphasized AI inference in its challenge to Nvidia, while TSMC expressed confidence that U.S. CHIPS Act support would continue.
Financial regulatory transition
Mark Uyeda became acting SEC chair and announced a task force to develop a clearer crypto-asset framework. The Senate Finance Committee also advanced Scott Bessent's nomination as Treasury secretary.
Evening AI and trade signals
The Stargate venture announced an initial $100 billion investment and plans for as much as $500 billion in U.S. AI infrastructure over four years. Trump later said his administration was discussing a 10% tariff on China from February 1, while Microsoft ceased to be OpenAI's exclusive cloud provider.
Key news
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