Jul 21, 2025 · QQQ/SPY Market Review · 26 headlines
QQQ gained 0.54% and SPY rose 0.24%, leaving QQQ ahead by 0.30 percentage points. US-EU trade friction, proposed secondary tariffs and reported tariff costs at Stellantis defined the trade backdrop. Powell's position and Federal Reserve governance remained in focus through comments, a criminal referral and a later White House statement that Trump had no plan to dismiss him. Microsoft SharePoint attacks, Taiwan Semiconductor's planned fabs and mixed AI infrastructure developments added a technology and security layer. A softer June Leading Index and the CBO's $3.4 trillion deficit estimate framed the macro and fiscal setting.
Published
The outlook for a US-EU agreement weakened as the EU considered stronger countermeasures. Bessent discussed secondary tariffs, while Stellantis estimated a €1 billion to €1.5 billion full-year tariff impact and Amazon reportedly raised some everyday prices.
Trump rejected reports that Bessent advised against dismissing Powell. Bessent called for a comprehensive institutional review of the Fed, a House ally made a criminal referral concerning Powell, and the White House later said Trump had no plan to dismiss him.
Microsoft warned of active attacks on on-premises SharePoint servers, with later reports linking some attacks to a China-nexus actor. Taiwan Semiconductor planned four new fabs, the UK and OpenAI signed an AI memorandum, and a separate report said the SoftBank-OpenAI project faced launch difficulties.
The June US Leading Economic Index fell 0.3% month over month versus a 0.2% estimated decline. The CBO said Trump's tax law would add $3.4 trillion to US deficits.
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