Labor resilience and rates
June payrolls exceeded forecasts and unemployment fell to 4.1%, while the associated repricing removed July rate-cut bets.
Jul 3, 2025 · QQQ/SPY Market Review · 41 headlines
QQQ gains 0.91% as firm jobs and services data reshape the rate outlook
QQQ gained 0.91%, outpacing SPY's 0.74% rise by 0.17 percentage point. Stronger-than-forecast payroll growth and lower unemployment showed labor resilience, while traders dropped July rate-cut bets. Services activity stayed in expansion, Bostic highlighted tariff-related price risks, and CoreWeave's GB300 system added an AI-infrastructure thread.
Published
- QQQ
- +0.91%
- SPY
- +0.74%
- QQQ − SPY
- +0.17%
What shaped the session
Services and price risks
The ISM services index held at 50.8, while Bostic warned that tariff uncertainty was delaying pricing decisions and could sustain upward price pressure.
AI infrastructure
CoreWeave said it was the first to bring up a GB300 NVL72 system, extending the day's AI-compute capacity theme.
Key news
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