QQQ and SPY recover from midmorning lows but finish about 0.4% lower amid softer activity data

QQQ and SPY opened 0.22% and 0.29% lower, then fell to intraday lows of 1.22% and 0.88% below the prior close around 11:02 a.m. ET before recovering through the afternoon. The later rebound left QQQ down 0.39% and SPY down 0.41%, with QQQ ahead by 0.02 percentage points. Initial jobless claims came in above estimates, the Philadelphia Fed index missed expectations and the U.S. leading index fell more than forecast. A report on Walmart's guidance shortfall, Fed comments on inflation and tariffs, and technology-company news supplied additional market context.