Trade terms broaden
The Japan agreement added quantified aircraft, agriculture and defense purchases. Separate updates covered a planned 50% copper tariff, enforcement against tariff violators and a proposed 15%-50% tariff range for all countries.
Jul 23, 2025 · QQQ/SPY Market Review · 18 headlines
SPY rises 0.92%, edging QQQ as housing softens and tariff details widen
SPY rose 0.92% and QQQ gained 0.79%, leaving SPY ahead by 0.13 percentage point. June existing-home sales missed the estimate and fell 2.7% from May. New details on the Japan trade agreement, a planned copper tariff and a broader 15%-50% tariff statement kept trade policy prominent. Bessent said one or two rate cuts could occur this year, while technology updates included Meta's gesture-control wristband and new AI infrastructure plans.
Published
- QQQ
- +0.79%
- SPY
- +0.92%
- QQQ − SPY
- -0.13%
What shaped the session
Housing softens as rate talk shifts
June existing-home sales came in at 3.93 million, below the 4.00 million estimate, and fell 2.7% from May. Bessent said one or two rate cuts could occur this year and described frequent meetings with Powell.
AI investment meets new devices
Alibaba reported stronger Qwen3 benchmark results, Meta introduced a gesture-control wristband and OpenAI outlined data-center spending. Tesla also discussed Robotaxi, FSD and Optimus alongside an expected $300 million tariff cost.
Key news
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