Tariff policy shifts
Aides were reported to have drafted tariffs of about 20% on most imports. Later White House remarks emphasized exemptions for U.S. manufacturing, followed by details that April 2 tariffs would take effect immediately.
Apr 1, 2025 · QQQ/SPY Market Review · 30 headlines
QQQ rebounds 1.00% amid tariff shifts and weaker manufacturing data
QQQ opened down 0.36% but finished up 1.00%, outpacing SPY's 0.43% gain by 0.58 percentage points. Tariff proposals and White House remarks accompanied sharp intraday reversals. The ISM manufacturing PMI contracted at 49 and JOLTS openings missed estimates. Semiconductor consolidation and OpenAI capacity delays added technology-specific context.
Published
- QQQ
- +1.00%
- SPY
- +0.43%
- QQQ − SPY
- +0.58%
What shaped the session
Weaker U.S. data
The March ISM manufacturing PMI was 49 versus 49.5 expected, signaling contraction. February JOLTS openings were 7.568 million versus a 7.690 million estimate and 7.762 million prior reading.
Technology updates
GlobalFoundries was reported to be exploring a merger with UMC. Sam Altman also warned that OpenAI releases could be delayed and service could slow while capacity challenges were addressed.
Key news
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