Fed decision-day rally lifts QQQ 1.72% ahead of SPY

QQQ opened 0.48% above its prior close and finished 1.72% higher, while SPY opened 0.30% higher and finished up 1.37%. QQQ led SPY by 0.35 percentage points. The Fed held its policy rate and slowed Treasury runoff, while Powell's comments on tariff-related goods inflation and patience on the next rate move framed the afternoon swings.