Tariff retaliation
China imposed a 34% tariff on U.S. goods and added controls on medium and heavy rare-earth exports. The EU remained open to negotiations while preparing a response.
Apr 4, 2025 · QQQ/SPY Market Review · 26 headlines
QQQ falls 6.32% as retaliation deepens a tech-led selloff
QQQ fell 6.32% and SPY lost 5.81%, leaving QQQ 0.50 percentage points behind. China's 34% tariff and rare-earth controls broadened the trade confrontation, while a stronger payroll gain, Powell's inflation and growth warning, and the EU's planned response framed the day's risks.
Published
- QQQ
- -6.32%
- SPY
- -5.81%
- QQQ − SPY
- -0.50%
What shaped the session
Labor resilience
March payrolls rose by 228,000 versus the 135,000 forecast, while unemployment edged up to 4.2%.
Fed policy tension
Powell said tariffs were larger than expected and could lift inflation while slowing growth, leaving the Fed able to wait for more clarity.
Key news
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