Mixed PCE and spending data frame an afternoon rebound, lifting QQQ and SPY about 1.6%

QQQ opened 0.07% below its previous close while SPY opened 0.16% higher. Both later recovered from intraday lows and finished up 1.61% and 1.58%, leaving QQQ ahead by about 0.03 percentage points. January core PCE inflation slowed to 2.6% and matched estimates, while personal spending fell 0.2% instead of rising 0.2%. The canceled White House press conference and unsigned U.S.-Ukraine minerals agreement added a policy-risk headline during the session.