Manufacturing data
The S&P Global manufacturing PMI rose to 52.0 but missed the 52.3 estimate, while the ISM manufacturing PMI remained below 50 at 48.5 and its import index fell to the lowest level since 2009.
Jun 2, 2025 · QQQ/SPY Market Review · 52 headlines
QQQ and SPY erase opening losses amid manufacturing and policy updates
QQQ moved from a 0.36% opening decline to finish 0.60% higher, while SPY went from down 0.28% to up 0.35%. QQQ led by 0.25 percentage points. Mixed manufacturing readings, tariff and Fed policy signals, and geopolitical negotiations supplied the main context across the session and overnight trading.
Published
- QQQ
- +0.60%
- SPY
- +0.35%
- QQQ − SPY
- +0.25%
What shaped the session
Tariffs and the Fed
Logan warned that tariffs could raise both inflation and unemployment, while a Treasury official said the 90-day tariff pause would not be extended and trade deals were expected before July 9.
Geopolitical negotiations
The second round of Russia-Ukraine talks concluded in Istanbul after more than an hour, adding a concrete negotiation update before the U.S. session opened.
Key news
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