Jun 18, 2025 · QQQ/SPY Market Review · 45 headlines
QQQ finished 0.02% below its previous close and SPY slipped 0.04%, leaving QQQ ahead by 0.02 percentage points. Both opened higher and reached morning peaks of about 0.63% and 0.60% above their prior closes before giving up the gains. The Fed kept rates unchanged while its projections pointed to slower growth, slightly higher unemployment and firmer inflation. Investors also weighed weaker housing data, another expansion of the Section 232 tariff campaign and the risk of wider U.S. involvement in the Iran conflict.
Published
The Fed left its key rate unchanged. Its projections retained 50 basis points of cuts for 2025 but showed a divided committee, slower GDP growth, 4.5% unemployment and higher PCE inflation. QQQ and SPY moved in both directions across the closely spaced releases, then traded lower during Chair Powell's press conference.
May housing starts were 1.256 million versus 1.350 million expected, and building permits were 1.393 million versus 1.420 million expected. QQQ and SPY each slipped about 0.05% in the 15 minutes after the simultaneous releases.
A report said results from seven Section 232 investigations were nearing release, extending the administration's tariff campaign to additional imported products. In the following 15 minutes, QQQ fell 0.18% and SPY fell 0.08%.
Iran's supreme leader rejected a surrender demand, the nuclear watchdog said the location of near-bomb-grade uranium was uncertain, and a later report said President Trump had privately approved attack plans while withholding a final order. The last report was followed by small declines in QQQ and SPY.
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