Tariff-rate rollout frames a 3.70% QQQ slide and 0.82-point lag

QQQ opened down 1.40% and finished down 3.70%, trailing SPY's 2.88% decline by 0.82 percentage point. The tariff rollout set a 10% baseline and detailed 25% auto, 34% China, and 32% Taiwan rates. The China-rate bulletin coincided with a 3.08% QQQ drop and a 2.07% SPY drop over the following 15 minutes. Earlier, Tesla deliveries missed estimates while ADP employment and factory orders exceeded forecasts.