Fed policy and inflation
Governor Waller said a rate cut could be possible as early as July. The Fed's Monetary Policy Report described inflation as somewhat elevated, the labor market as solid and early tariff effects as emerging.
Jun 20, 2025 · QQQ/SPY Market Review · 38 headlines
Early gains fade into modest losses amid Fed, Iran and chip-policy updates
QQQ and SPY opened higher but finished down 0.27% and 0.36%, respectively, with QQQ ahead by 0.09 percentage points. Federal Reserve updates paired Waller's openness to a July rate cut with a report that inflation remained somewhat elevated and early tariff effects were emerging. Semiconductor-policy reports, Nvidia's factory-automation plans, Iran diplomacy and Apple's interest in Perplexity added further context across the session and overnight trading.
Published
- QQQ
- -0.27%
- SPY
- -0.36%
- QQQ − SPY
- +0.09%
What shaped the session
Chip policy and automation
A report said the United States was preparing action affecting allied chip plants in China. Nvidia and Foxconn were also reported to be discussing humanoid robots for a Houston AI-server factory.
Iran diplomacy
Iran told European officials that Israel would need to stop its attacks before negotiations, while reports said China and Russia were working to mediate.
AI platform strategy
Apple executives discussed acquiring Perplexity as AI search challenged Safari and Perplexity's monthly searches exceeded 0.7 billion.
Key news
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