Technology rebound context
QQQ gained 1.44% and led SPY by 0.66 percentage points. Alibaba launched new Qwen models before the open, and ASML later reported Q4 2024 EPS and sales above estimates.
Jan 28, 2025 · QQQ/SPY Market Review · 25 headlines
AI launches and softer U.S. data frame QQQ's 1.44% rebound
QQQ rose 1.44% and SPY gained 0.79%, leaving the technology-heavy fund ahead by 0.66 percentage points. The main advance came during regular trading, while both funds gave back part of their gains after the close. December durable-goods orders fell 2.2% against an expected 0.3% increase, and January consumer confidence slipped to 104.1 versus 105.7 expected. Alibaba's Qwen launch broadened the AI-product race, while a federal spending freeze and White House national-security scrutiny of DeepSeek added policy risk. Overnight ASML results beat estimates.
Published
- QQQ
- +1.44%
- SPY
- +0.79%
- QQQ − SPY
- +0.66%
What shaped the session
Softer U.S. data
December durable-goods orders fell 2.2% versus an expected 0.3% increase, while core orders rose 0.3% against 0.4% expected. January consumer confidence was 104.1 versus 105.7 expected and 104.7 previously.
Policy and regulatory risk
The White House froze $3 trillion in federal funding, creating legal and sector risks. It later placed DeepSeek under national-security scrutiny over intellectual property and U.S. AI leadership concerns.
Key news
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