QQQ edges higher while SPY slips amid weak data and AI investment

QQQ finished 0.21% higher after opening up 0.14%, while SPY fell 0.10% after opening up 0.15%. QQQ led by 0.31 percentage points. Weak ADP hiring and ISM services data, elevated input-price and tariff concerns, and Amazon's cloud and AI investment supplied the main context.

Published Sep 9, 2026

QQQ: +0.21%
SPY: -0.10%
QQQ − SPY: +0.31%

What shaped the session

Labor and services softness

ADP private payrolls rose by 37,000, well below the 111,000 forecast, while the ISM services PMI fell to 49.9 from 51.6 and missed the 52.0 estimate.

Tariffs and price pressure

The ISM services prices index rose to 68.7 from 65.1, and the Fed Beige Book reported slightly lower activity alongside widespread tariff concerns and expectations for faster cost and price increases.

AI infrastructure spending

Amazon announced a planned $10 billion investment in North Carolina to expand cloud-computing infrastructure and advance AI innovation.

Key news

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←Jun 3:QQQ and SPY advance as labor strength meets tariff risks·View all June 2025 QQQ/SPY reviews·Jun 5:QQQ and SPY reverse early gains as policy and tariff risks weigh on technology→