Jun 27, 2025 · QQQ/SPY Market Review · 29 headlines
QQQ opened 0.18% higher and ended up 0.25%, while SPY moved from a 0.17% higher open to a 0.25% gain. Both climbed in the morning, fell below the prior close during the afternoon and then recovered, leaving SPY ahead by less than 0.01 percentage points. May core PCE inflation exceeded estimates on both a monthly and annual basis, while headline PCE matched forecasts. Trade updates ranged from optimism over EU and China arrangements to an abrupt end to talks with Canada. Microsoft chip-development reports and Meta's $29 billion AI data-center financing effort added technology context.
Published
May core PCE rose 0.2% from April and 2.7% from a year earlier, above estimates of 0.1% and 2.6%. Headline PCE matched forecasts at 0.1% monthly and 2.3% annually. Final June consumer confidence was 60.7 versus 60.5 expected, while expectations were 58.1 versus 58.4 expected.
The EU and U.S. expressed confidence in reaching a tariff deal by the July deadline, and China confirmed details of a U.S. trade framework. Later, Trump said the United States was immediately ending all trade negotiations with Canada.
The Information reported that Microsoft's AI-chip effort had fallen behind. Near the close, Meta was reported to be seeking $29 billion to finance AI data centers. Overnight, OpenAI was reported to be renting Google TPUs for large-scale inference.
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