Stronger growth data
June retail sales and core retail sales exceeded forecasts, weekly jobless claims were below expectations, and the Philadelphia Fed manufacturing index was far above its estimate.
Jul 17, 2025 · QQQ/SPY Market Review · 34 headlines
Firm retail data and AI launches frame gains of 0.91% for QQQ and 0.72% for SPY
QQQ opened 0.13% above the prior close, gained 0.66 percentage points during regular trading and another 0.13 points after hours to end up 0.91%. SPY opened 0.04% higher and ended up 0.72%, leaving QQQ ahead by 0.19 points. June retail sales rose 0.6% from May versus 0.1% expected, initial claims came in at 221,000 versus 235,000 expected, and the Philadelphia Fed index reached 15.9 versus -1.2 expected. Other contexts included a reported 93.5% tariff on a key Chinese battery material, OpenAI's ChatGPT Agent launch, and Waller's call for a 25-basis-point cut.
Published
- QQQ
- +0.91%
- SPY
- +0.72%
- QQQ − SPY
- +0.19%
What shaped the session
Rate-path debate
Waller warned that the labor market was nearing danger and called for a 25-basis-point cut in July, while other Fed remarks kept tariff inflation and the timing of easing in focus.
Tariff escalation
A Bloomberg report said the United States was set to impose a 93.5% tariff on a key battery material from China, adding a concrete new trade restriction.
AI product cycle
OpenAI unveiled ChatGPT Agent for research and real-world task execution, while new AI-server and chip-production reports broadened the day's technology context.
Key news
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