Tariff relief and costs
The U.S. and China cut reciprocal tariffs for 90 days, while Apple's reported consideration of iPhone price increases kept tariff-related cost pressure in focus.
May 12, 2025 · QQQ/SPY Market Review · 22 headlines
Tariff relief lifts QQQ 3.86% and SPY 3.15%, with tech ahead
QQQ rose 3.86% and SPY gained 3.15%, leaving QQQ ahead by 0.71 percentage points. The 90-day U.S.-China tariff reduction framed the session, while Kugler's inflation-growth warning, the drug-price executive order, and a possible G42 chip sale added policy and technology context.
Published
- QQQ
- +3.86%
- SPY
- +3.15%
- QQQ − SPY
- +0.71%
What shaped the session
Monetary and drug policy
Kugler said trade policy could still raise prices and slow growth, while Trump signed an executive order targeting prescription drug prices.
AI chip policy
The Trump administration was reported to be considering a large chip sale to Emirati AI company G42, adding a semiconductor-policy focus late in the session.
Key news
Loading the full-day price curve…