Tariff-policy reversal
China lifted tariffs on all U.S. imports from 34% to 84%, the European Union announced a 25% response, and Trump later authorized an immediate 90-day pause on reciprocal tariffs and the 10% rate.
Apr 9, 2025 · QQQ/SPY Market Review · 17 headlines
A 90-day tariff pause lands as QQQ jumps 12.02% and leads SPY
QQQ rose 12.02% and SPY gained 9.95%, leaving QQQ ahead by 2.06 percentage points after both opened slightly lower. China's tariff increase, an immediate 90-day U.S. tariff pause, Google AI announcements, and the Fed's risk discussion framed an exceptionally volatile session.
Published
- QQQ
- +12.02%
- SPY
- +9.95%
- QQQ − SPY
- +2.06%
What shaped the session
Fed policy and risk
Kashkari said tariffs raised the bar for changing rates, while Fed minutes warned that abrupt market repricing could amplify negative economic shocks.
Google AI expansion
Alphabet reaffirmed about $75 billion of 2025 capital spending, highlighted a new TPU-based AI Hypercomputer, and expanded Gemini 2.5 Pro and its private network for enterprise customers.
Key news
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