QQQ and SPY advance as labor strength meets tariff risks

QQQ finished 0.80% higher after opening up 0.07%, while SPY rose 0.61% after opening down 0.07%. QQQ led by 0.20 percentage points. Stronger-than-expected job openings, tariff and inflation warnings, and new long-term data-center power and leasing agreements supplied the main context across the session.

Published Sep 9, 2026

QQQ: +0.80%
SPY: +0.61%
QQQ − SPY: +0.20%

What shaped the session

Labor and growth data

April JOLTS job openings reached 7.391 million, above the 7.110 million estimate, while the OECD cut its global growth outlook again and identified tariffs as a pressing risk.

Tariffs and Fed policy

Fed Governor Cook warned that tariffs could bring higher inflation and slower activity, while the United States sent letters to trade partners ahead of a tariff deadline.

AI infrastructure

Applied Digital signed two 15-year CoreWeave leases valued at $7 billion, and Constellation Energy agreed to supply Meta with nuclear power under a 20-year contract.

Key news

Loading the full-day price curve…

You can explore the full-day price curve and 6 featured headlines now. Pro adds all 47 headlines, measured 1/5/15/30/60-minute reactions, the complete timeline, and historically similar news.

Already subscribed? to view the full review.

Related market reviews

Feb 23, 2026Also covers TariffsTariff, labor and Iran risks frame a 1.03% QQQ decline and late partial reboundQQQ and SPY opened below their previous closes, reached session lows shortly after noon and recovered part of those losses in after-hours and overnight trading. QQQ finished the period down 1.03%, versus a 0.92% decline for SPY. Tariff-policy uncertainty, Waller's labor-market and rate comments, weaker factory orders and Iran security headlines provided the day's main context, while a late DeepSeek report kept AI-chip restrictions in focus overnight.Open review
May 22, 2025Tariffs · similar QQQ/SPY splitMixed jobs and tariff-inflation signals leave QQQ up 0.16% and SPY flatQQQ opened 0.11% higher and finished up 0.16%, while SPY opened 0.04% lower and ended essentially flat. Fed Governor Christopher Waller said rates could be cut later in the year if tariffs settle. Initial jobless claims came in at 227K versus 230K estimated, and May composite PMI rose to 52.1 from 50.6. A separate report said tariff-fueled inflation accelerated at the fastest pace in three years. Policy and technology headlines included House passage of Trump's tax bill and Anthropic's Claude Opus 4 and Sonnet 4 launch.Open review
Mar 5, 2026Jobs report · similar QQQ/SPY splitQQQ edges lower while SPY lags as chip controls and tariff disputes meet firm labor dataQQQ opened 0.25% lower and SPY 0.20% lower, then stood down 0.20% and 0.44% by 4:00 a.m. ET the next day, leaving QQQ ahead by 0.24 percentage point. Weekly initial jobless claims were 213,000 versus 215,000 expected, while fourth-quarter nonfarm productivity rose 2.8% versus a 1.9% estimate. The United States planned to extend AI-chip export licensing globally for companies including NVIDIA and AMD. Toyota planned to cut output of Middle East-bound vehicles by nearly 40,000 for two months amid the Strait of Hormuz closure. Twenty-four states planned to challenge the new 10% global tariff, while the Federal Reserve ended a 2018 Wells Fargo consent order.Open review

←Jun 2:QQQ and SPY erase opening losses amid manufacturing and policy updates·View all June 2025 QQQ/SPY reviews·Jun 4:QQQ edges higher while SPY slips amid weak data and AI investment→