Tariff reversals leave QQQ higher while SPY ends lower

QQQ opened 0.92% below reference but finished up 0.36%. SPY opened down 0.77% and finished down 0.57%, leaving QQQ ahead by 0.93 percentage point. Canada imposed 25% tariffs on C$30 billion of U.S. goods immediately and on another C$125 billion in 21 days. New York Fed President John Williams said tariffs would affect inflation and could weigh on growth. A late-session report said Taiwan chip tariffs remained under consideration despite TSMC's $100 billion agreement. After the close, Commerce Secretary Howard Lutnick signaled possible Canada and Mexico tariff reductions, while Trump called for repealing the CHIPS Act and said Ukraine and Russia were ready for peace talks.