Jul 24, 2025 · QQQ/SPY Market Review · 26 headlines
QQQ gained 0.35% and SPY rose 0.19%, leaving QQQ ahead by 0.16 percentage point. Google's strong second-quarter results and $85 billion capital-spending forecast, Tesla's weaker profit but improving margin, and the U.S. AI Action Plan kept technology investment prominent. U.S. data were mixed. Initial jobless claims were 217,000 versus a 226,000 forecast, services PMI exceeded expectations, manufacturing PMI missed, and new-home sales reached 627,000 versus 649,000 expected.
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The U.S. AI Action Plan set policy pillars. Google lifted its annual capex forecast to $85 billion after strong second-quarter results, while Tesla reported lower profit and better margins. A report said $1 billion of Nvidia AI chips reached China after export controls.
Initial claims were 217,000 versus a 226,000 forecast. July manufacturing PMI was 49.5 versus 52.7 expected, while services PMI was 55.2 versus 53.0. June new-home sales were 627,000 versus 649,000 expected.
Chevron was reportedly cleared to resume oil production in Venezuela. Bessent said U.S.-China trade was in a good place and that sanctioned Russian and Iranian oil purchases would be discussed. Overnight, he warned that TSMC's $40 billion Arizona fab might meet only 7% of U.S. chip demand amid regulatory delays.
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