Labor data
Initial jobless claims reached 247,000, above the 236,000 estimate and the revised prior reading of 239,000.
Jun 5, 2025 · QQQ/SPY Market Review · 49 headlines
QQQ and SPY reverse early gains as policy and tariff risks weigh on technology
QQQ opened 0.27% higher and finished down 0.96%, while SPY moved from a 0.29% opening gain to a 0.52% decline. SPY led by 0.44 percentage points. Initial jobless claims exceeded forecasts, the Xi-Trump call produced plans for further talks, and the widening Trump-Musk dispute added pressure around technology and fiscal policy. Fed officials also emphasized tariff-related inflation risks and patience on rates.
Published
- QQQ
- -0.96%
- SPY
- -0.52%
- QQQ − SPY
- -0.44%
What shaped the session
U.S.-China dialogue
Trump said his call with Xi lasted about 90 minutes, clarified rare-earth issues, and led to plans for meetings between the two countries' teams.
Trump-Musk dispute
Trump tied Musk's opposition to the tax bill to EV policy and a rejected NASA choice. Musk later said Trump's tariffs would cause a recession in the second half of the year.
Tariff inflation and the Fed
Kugler said the full tariff effect on prices had not appeared and might not be one-time. Cook said upward inflation risks supported holding rates steady.
Key news
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