Higher open gives way to a 0.89% QQQ decline as SPY holds up better

QQQ fell 0.89% and SPY declined 0.37%, leaving SPY ahead by 0.52 percentage points after both opened higher. University of Michigan sentiment came in at 50.8 versus 53.4 expected, while one-year inflation expectations reached 7.3% versus 6.5% expected. New tariff signals, more than $200 billion of U.S.-UAE agreements including AI chips, and Moody's later U.S. sovereign downgrade to Aa1 added policy, technology and credit-risk context.