QQQ and SPY turn opening losses into gains amid GDP and Big Tech earnings

QQQ reversed a 1.74% opening decline to finish up 1.37%, while SPY recovered from a 1.21% opening loss to gain 0.89%. QQQ led by 0.48 percentage points. Before the open, first-quarter GDP contracted 0.3% against expectations for 0.2% growth, while core PCE prices rose 3.5% versus 2.6% previously. Both ETFs fell sharply over the next 15 minutes. At 10:00, March core PCE inflation matched expectations and pending home sales rose 6.1%, with QQQ and SPY then rebounding 0.70% and 0.55% over 15 minutes. Technology news stayed prominent through the session, and after the close Meta and Microsoft both reported earnings and revenue above expectations.