Growth, inflation and labor data
Fourth-quarter GDP rose 2.4% versus 2.3% expected. Initial jobless claims were 224,000 versus 225,000 expected, while headline PCE matched its 2.4% estimate and core PCE was 2.60% versus 2.70% expected.
Mar 27, 2025 · QQQ/SPY Market Review · 25 headlines
QQQ's rebound fades into a 0.72% loss as AI infrastructure and tariff responses lead
QQQ opened 0.41% lower, fell as much as 0.81%, rebounded to a 0.35% gain, and then finished down 0.72%. SPY ended 0.36% lower and outperformed QQQ by 0.36 percentage points. Slightly stronger fourth-quarter GDP, low jobless claims, steady headline PCE, and softer core PCE framed the macro backdrop. AI hardware, financing, and European tariff responses accompanied the day's swings. The largest measured moves came after the NIO financing and tariff update, Marvell's connectivity launch, and the Manus funding report.
Published
- QQQ
- -0.72%
- SPY
- -0.36%
- QQQ − SPY
- -0.36%
What shaped the session
AI hardware and capital
Nvidia anchored the CoreWeave deal with a $250 million order, Marvell introduced PCIe Gen 6 optical connectivity for AI infrastructure, and the Manus AI startup was reported to be seeking $500 million.
Auto financing and tariff responses
NIO planned an offering of 118.8 million shares as new U.S. auto tariffs weighed on the sector. European officials prepared reciprocal responses, while Mexico left the door open to talks with the United States.
Key news
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