Trade and rate uncertainty frame declines of 0.35% for QQQ and 0.44% for SPY

QQQ opened 0.38% below its prior close and finished down 0.35%. SPY opened 0.49% lower and ended down 0.44%, leaving QQQ ahead by 0.09 percentage points. U.S.-China talks, an unexpectedly positive June federal budget balance, an energy-reserve exchange, and Goolsbee's warning that tariff threats could delay rate cuts framed the session.