Good Friday brings Apple tariff relief, Fed pressure and new AI models

U.S. equity markets were closed for Good Friday, leaving QQQ and SPY without a regular-session move. News centered on Apple's reported iPhone tariff exemption, White House consideration of removing Fed Chair Powell, Daly's inflation caution, OpenAI's new models, China's outreach to Nvidia, and delays to Tesla production plans.

Published Sep 9, 2026

QQQ: 0.00%
SPY: 0.00%
QQQ − SPY: 0.00%

What shaped the session

Trade and technology policy

Apple reportedly secured an iPhone tariff exemption, Chinese firms were reported to be routing around tariffs, and China invited Nvidia and other U.S. companies to expand investment.

Fed and regulatory policy

The White House said it was studying whether removing Powell was an option, Daly said inflation risks could require tighter policy for longer, and a memo expanded White House review over financial regulators.

AI and Tesla developments

OpenAI launched GPT-4.1, o3, and o4-mini, while Tesla reportedly reduced Cybertruck output and delayed production of a lower-priced Model Y.

Key news

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←Apr 17:QQQ edges SPY after an intraday slide and after-hours recovery amid rate and tech headlines·View all April 2025 QQQ/SPY reviews·Apr 19:Weekend headlines center on China trade strain, tech taxes and Tesla delays→