May 28, 2025 · QQQ/SPY Market Review · 31 headlines
QQQ gained 1.39% and SPY rose 0.92%, with QQQ leading by 0.46 percentage points. Both ETFs weakened during regular trading before advancing after hours as Nvidia reported stronger-than-expected first-quarter results and issued second-quarter sales guidance of $44.10 billion to $45.90 billion. A U.S. trade court ruling blocking global tariffs and the administration's appeal added a late trade-policy focus, while Fed minutes flagged tariff-related inflation risks and new export curbs on chip-design software broadened the technology-policy backdrop.
Published
Nvidia's first-quarter results exceeded expectations despite costs tied to H20 restrictions. Its second-quarter sales guidance spanned $44.10 billion to $45.90 billion, while segment data showed sequential data-center growth and a sharp rise in gaming and AI PC revenue.
The U.S. Court of International Trade blocked the administration's global tariffs. The administration appealed shortly afterward, leaving the scope and timing of trade policy contested.
Fed minutes showed officials viewed tariffs as a source of upside inflation risk and downside growth risk. The discussion reinforced the policy uncertainty surrounding future rate decisions.
A report said the United States imposed new license requirements on chip-design software, chemicals, and related tools bound for China, adding another policy constraint for the semiconductor supply chain.
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