Tariff risk and positioning
A Goldman Sachs client report said tariff concerns ahead of April 2 were accompanied by unusually heavy hedge-fund selling of U.S. technology stocks.
Mar 31, 2025 · QQQ/SPY Market Review · 39 headlines
QQQ recovers most of a 1.52% opening drop yet trails SPY by 0.73 points amid tariffs and mixed data
QQQ opened down 1.52% and recovered to finish 0.49% lower. SPY opened down 1.04% and ended up 0.24%, outperforming QQQ by 0.73 percentage points. Tariff risk, mixed manufacturing readings, a semiconductor update and Fed inflation caution framed the session.
Published
- QQQ
- -0.49%
- SPY
- +0.24%
- QQQ − SPY
- -0.73%
What shaped the session
Mixed manufacturing readings
Chicago PMI was 47.6 versus 45.5 expected, while the Dallas Fed manufacturing index fell to -16.3 from -8.3. China's Caixin manufacturing PMI later registered 51.2 versus 50.6 expected.
Semiconductor cloud update
AMD said its fifth-generation EPYC processors would power Oracle Cloud E6 instances with up to twice the cost performance.
Fed inflation caution
Richmond Fed President Tom Barkin said the Fed needed confidence that inflation would decline before cutting rates again.
Key news
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