Tariff negotiations
The session began with tariffs weighing on risk sentiment. Mexico and Canada then reached temporary pauses with the United States, while China announced 10% or 15% tariffs on certain U.S. imports overnight.
Feb 3, 2025 · QQQ/SPY Market Review · 53 headlines
Tariff reprieves erase most of the opening slide as QQQ edges SPY
QQQ opened 1.65% lower and finished down 0.11%. SPY opened 1.49% lower and ended down 0.23%, leaving QQQ ahead by 0.11 percentage points. U.S. manufacturing readings beat estimates, Mexico and Canada secured temporary tariff pauses, Fed officials emphasized tariff-related price risks, and China announced new tariffs overnight.
Published
- QQQ
- -0.11%
- SPY
- -0.23%
- QQQ − SPY
- +0.11%
What shaped the session
Manufacturing resilience
January ISM manufacturing PMI rose to 50.9, above the 49.3 estimate and 49.2 prior reading, adding a firmer U.S. activity signal during the rebound from the opening gap.
Tariff inflation risk
Fed official Susan Collins said broad tariffs would raise prices across production levels and could create second-round effects amid unusually high policy uncertainty.
Key news
Loading the full-day price curve…