Opening gains vanish as QQQ ends down 3.19% amid tariff pressure

QQQ fell 3.19% and SPY lost 2.74%, leaving QQQ behind by 0.45 percentage points after both opened more than 3.4% higher. Tariff legislation and investigations, technology supply-chain adjustments, and the Fed's cautious policy stance framed the sharp reversal.

Published Sep 9, 2026

QQQ: -3.19%
SPY: -2.74%
QQQ − SPY: -0.45%

What shaped the session

Tariff-policy pressure

A bipartisan Senate effort sought to curb tariff powers, the Commerce Department considered a Section 232 critical-minerals investigation, and the White House said reciprocal tariffs would remain in force during negotiations.

Technology supply chain

Apple moved iPhone inventory to the United States while maintaining its China-centered long-term supply-chain investment plan amid tariff uncertainty.

Cautious Fed policy

Fed President Mary Daly described policy as modestly restrictive and said officials had time to proceed slowly and carefully.

Key news

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←Apr 7:QQQ reverses a 3.40% opening drop to gain 1.46% through tariff whipsaws·View all April 2025 QQQ/SPY reviews·Apr 9:A 90-day tariff pause lands as QQQ jumps 12.02% and leads SPY→