Inflation expectations deepen the slide as QQQ trails SPY

QQQ and SPY opened 0.08% and 0.07% below the previous close, then finished down 1.46% and 1.00%, leaving QQQ behind by 0.46 percentage points. January payrolls rose by 143,000 versus 170,000 expected, while unemployment eased to 4.0% and monthly wage growth reached 0.5% versus 0.3% expected. Consumer sentiment hit a seven-month low and one-year inflation expectations rose to a 15-month high of 4.3%. Reciprocal-tariff plans and a Fed report describing valuations as high added policy and valuation context.