Jul 22, 2025 · QQQ/SPY Market Review · 21 headlines
SPY gained 0.28% while QQQ fell 0.34%, leaving SPY ahead by 0.61 percentage points. Trade news ranged from possible additional US tariff letters to agreements with the Philippines and Japan, followed by plans for another round of US-China talks. Macro readings included 5.1% year-over-year Redbook retail growth, a Richmond Manufacturing Index of -20 versus a -2 estimate and softer-than-expected Bank of Japan core inflation. OpenAI's expanded Oracle data-center agreement, xAI chip financing, Micron's radiation-tolerant NAND launch and weaker Tesla registrations added a mixed technology backdrop.
Published
The White House said more tariff letters could arrive before August 1. Trump announced agreements involving a 19% tariff on the Philippines and a 15% tariff plus $550 billion of US investment from Japan, while Bessent scheduled another round of US-China talks.
Redbook retail sales rose 5.1% year over year. The July Richmond Manufacturing Index was -20 versus a -2 estimate, and Bank of Japan core consumer inflation was 2.3% versus a 2.5% estimate and prior reading.
OpenAI expanded its Oracle data-center agreement and said parts of Stargate 1 were operational. Separate reports covered up to $12 billion of xAI chip financing, Micron's new radiation-tolerant NAND, Texas Instruments' cautious automotive recovery outlook and a 21.1% decline in Tesla's California registrations.
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