QQQ and SPY erase opening losses amid downgrade and AI headlines

QQQ opened 1.38% below the prior close and finished 0.17% higher, while SPY moved from a 1.02% opening loss to a 0.23% gain. Atlanta Fed President Raphael Bostic said the U.S. credit downgrade could raise capital costs and tariffs could strain households. The April U.S. Leading Index fell 1.0%, worse than the 0.7% decline expected. Later headlines covered Russia-Ukraine ceasefire talks, Nvidia's estimate of $15 billion in missed sales from U.S. export rules, record retail dip-buying, and new Microsoft AI-agent products.