Inflation and Fed path
June PPI rose 2.3% from a year earlier versus a 2.5% forecast and a 2.6% prior reading. Trump later said firing Powell was highly unlikely unless there was fraud and denied drafting a letter.
Jul 16, 2025 · QQQ/SPY Market Review · 33 headlines
SPY leads by 0.20 points as softer PPI meets shifting Fed and trade signals
QQQ opened 0.11% above the prior close but finished 0.03% lower, while SPY opened up 0.26% and retained a 0.17% gain. SPY led by 0.20 percentage points. June producer prices were softer than forecast, and Trump later said firing Powell was highly unlikely after an earlier report suggested the opposite. Technology and trade news included processing of Nvidia H20 licenses for Chinese customers, TSMC earnings above estimates, and a proposed uniform 10%-15% tariff for more than 150 countries.
Published
- QQQ
- -0.03%
- SPY
- +0.17%
- QQQ − SPY
- -0.20%
What shaped the session
Chip access and earnings
The U.S. was processing licenses for Nvidia H20 orders from Chinese customers. TSMC later reported second-quarter EPS of $2.47 versus a $2.37 estimate and sales of $30.07 billion versus $30.04 billion expected.
Broader tariff plan
Trump said more than 150 countries would receive a uniform tariff rate that was likely to be 10% or 15%, extending the trade-policy agenda beyond individual bilateral measures.
Key news
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