Mixed macro data
First-quarter GDP contracted 0.20%, less than the estimated 0.30% decline. Core PCE prices rose 3.40%, below the 3.50% estimate but above the prior 2.60%, while initial and continuing jobless claims exceeded forecasts.
May 29, 2025 · QQQ/SPY Market Review · 36 headlines
As tariffs return during appeal, a strong open fades and QQQ slips 0.24%
QQQ finished down 0.24% while SPY was nearly flat at 0.06%, leaving SPY ahead by 0.31 percentage points. Opening gains of 1.43% for QQQ and 0.91% for SPY faded through regular trading and after hours. The day's backdrop included a mixed data set with first-quarter GDP down 0.20%, core PCE prices up 3.40%, and initial jobless claims at 240,000. An appeals court reinstated tariffs during the government's appeal, Powell met Trump and reiterated a data-dependent policy stance, and Nvidia's H20 charge kept China-related chip restrictions in focus.
Published
- QQQ
- -0.24%
- SPY
- +0.06%
- QQQ − SPY
- -0.31%
What shaped the session
Tariff legal reversal
The administration asked an appeals court to pause the trade-court order, a second court also blocked tariffs, and the appeals court later reinstated the tariffs while the case proceeded. The administration also explored an alternative tariff route.
Fed and White House meeting
Powell met Trump at the White House, declined to discuss his own policy expectations, and reiterated that decisions would depend on incoming data. The White House said Trump told Powell that not lowering rates was a mistake.
Semiconductor updates
Nvidia reported a $4.50 billion H20 inventory charge and was said to be developing a new China-focused GPU. Marvell later reported adjusted earnings per share of $0.62 and sales of $1.90 billion, both slightly above estimates.
Key news
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