Mixed services data
S&P Global's April Services PMI finished at 50.8, below the 51.4 estimate and 54.4 prior, while ISM non-manufacturing rose to 51.6 against a 50.2 estimate.
May 5, 2025 · QQQ/SPY Market Review · 25 headlines
Services data and tariff shifts accompany a lower close
QQQ and SPY opened lower and finished down 0.86% and 0.70%, respectively, with QQQ lagging. Mixed U.S. services readings, tariff developments involving Temu and India, and platform and investor-activity updates shaped the day's context.
Published
- QQQ
- -0.86%
- SPY
- -0.70%
- QQQ − SPY
- -0.16%
What shaped the session
Trade-policy shifts
Temu halted direct China-to-U.S. shipments amid 145% tariffs, while India reportedly offered reciprocal zero tariffs on U.S. auto parts and steel.
Platforms and sentiment
Apple's 27% fee cut favored Epic and app developers, while Schwab's Trading Activity Index fell to a two-year low in the month tariffs were announced.
Key news
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