Tariffs complicate the rate path
Powell said the Fed would have cut rates earlier without tariff policy, while most FOMC participants still viewed another cut later in the year as appropriate.
Jul 1, 2025 · QQQ/SPY Market Review · 62 headlines
QQQ slips 0.78% while SPY holds flat amid tariff and Fed headlines
QQQ fell 0.78% while SPY finished essentially flat, leaving QQQ 0.79 percentage point behind. Powell linked delayed rate cuts to tariff uncertainty, while U.S. manufacturing and labor releases produced a mixed data picture. The Senate passed a broad tax and spending bill, and Meta expanded AI support and business tools for WhatsApp.
Published
- QQQ
- -0.78%
- SPY
- +0.01%
- QQQ − SPY
- -0.79%
What shaped the session
Mixed U.S. activity data
S&P Global manufacturing PMI and JOLTS openings beat estimates, ISM manufacturing remained below 50, and construction spending missed expectations.
Fiscal and technology policy
The Senate passed a comprehensive tax and spending bill after separately rejecting a proposal to prevent states from regulating artificial intelligence.
Key news
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