Trade policy
Bessent said several trade announcements were due within 48 hours, and the U.S. later announced 25% tariffs on imports from Japan and South Korea starting August 1.
Jul 7, 2025 · QQQ/SPY Market Review · 32 headlines
Tariff escalation pulls both ETFs lower, with QQQ narrowly ahead
QQQ fell 0.79% and SPY fell 0.85%, leaving QQQ ahead by 0.06 percentage points. Trade-policy developments dominated as Bessent flagged more announcements and the U.S. set 25% tariffs on Japan and South Korea, while the revised-flat Employment Trends Index supplied the main labor-data context.
Published
- QQQ
- -0.79%
- SPY
- -0.85%
- QQQ − SPY
- +0.06%
What shaped the session
Labor data
The Conference Board Employment Trends Index was 107.83 in June, unchanged from the revised prior reading and above the initial prior reading of 107.49.
Key news
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