China tariff de-escalation
Bessent said the U.S.-China tariff standoff was unsustainable and expected de-escalation. Trump later said tariffs on China would not remain at 145% and that he did not intend to fire Powell.
Apr 22, 2025 · QQQ/SPY Market Review · 21 headlines
Tariff de-escalation signals accompany a 4.75% QQQ rebound as Tesla takes focus after hours
QQQ gained 4.75% and SPY rose 4.43%, leaving QQQ ahead by 0.32 percentage points. Bessent and Trump offered signs of lower U.S.-China tariff tension, while IMF and regional data kept growth risks in view. OpenAI's Chrome testimony and Tesla's earnings and management updates added technology context through the close and after-hours trading.
Published
- QQQ
- +4.75%
- SPY
- +4.43%
- QQQ − SPY
- +0.32%
What shaped the session
Growth and tariff risks
The IMF cut its U.S. growth outlook and raised recession odds to 40%, showing that tariff uncertainty remained part of the macro backdrop despite the broad advance.
AI and antitrust testimony
An OpenAI executive testified that Google's U.S. search agreement with Samsung was nonexclusive and that OpenAI would be interested in buying Chrome.
Tesla results and leadership
Tesla missed first-quarter earnings and revenue estimates. Musk later said he would spend substantially less time on DOGE work from May and devote more time to Tesla.
Key news
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