Trade policy
The firm August 1 deadline and new semiconductor and copper tariff signals kept trade uncertainty active across the broad market and technology supply chains.
Jul 8, 2025 · QQQ/SPY Market Review · 56 headlines
QQQ edges higher while SPY slips amid tariffs and easing inflation expectations
QQQ rose 0.09% while SPY fell 0.07%, leaving QQQ ahead by 0.16 percentage points. An August 1 tariff deadline and proposed semiconductor and copper duties kept trade policy central, while lower New York Fed inflation expectations and company-specific AI and Apple developments shaped the technology backdrop.
Published
- QQQ
- +0.09%
- SPY
- -0.07%
- QQQ − SPY
- +0.16%
What shaped the session
Inflation outlook
The New York Fed's one-year consumer inflation expectation eased to 3.0% from 3.2%, adding a softer signal to the rate outlook.
Technology developments
OpenAI reinforced Nvidia's supplier role and Apple announced a planned operating leadership transition, providing company-specific context for QQQ's relative resilience.
Key news
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