Cooling inflation
April headline PCE inflation slowed to 2.10%, below the 2.20% estimate and 2.30% prior reading. Core PCE inflation was 2.50%, matching the forecast and easing from 2.70%.
May 30, 2025 · QQQ/SPY Market Review · 33 headlines
Cooling inflation and China restrictions precede a rebound before both ETFs close 0.28% lower
QQQ finished down 0.28% and SPY lost 0.28%, leaving their relative performance essentially even. Both opened slightly lower, fell as much as 1.49% for QQQ and 1.00% for SPY during regular trading, and recovered close to flat before weakening after hours. April headline PCE inflation eased to 2.10% and core PCE slowed to 2.50%. Chicago business activity missed estimates while Michigan consumer sentiment beat them. U.S. plans to widen restrictions on Chinese technology subsidiaries kept trade friction in focus, and Trump later announced a 50% steel tariff overnight.
Published
- QQQ
- -0.28%
- SPY
- -0.28%
- QQQ − SPY
- +0.00%
What shaped the session
Mixed activity data
The Chicago PMI fell to 40.5, below the 45.1 estimate and 44.6 prior reading. Michigan consumer sentiment was 52.2, above the 50.8 estimate and unchanged from the prior reading.
China technology restrictions
The United States was reported to be preparing broader restrictions on subsidiaries of sanctioned Chinese technology companies, extending the day's trade and technology-policy focus.
Steel tariff escalation
Trump announced overnight that the tariff on imported steel would rise to 50% and backed Nippon Steel's takeover of U.S. Steel.
Key news
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