Growth and inflation data
Second-quarter GDP grew at a 3.0% annualized pace versus 2.4% expected, while core PCE prices were 2.5% versus 2.4% expected.
Jul 30, 2025 · QQQ/SPY Market Review · 81 headlines
QQQ closes up 1.18%, 0.60 points ahead of SPY after a Fed swing and mega-cap results
QQQ opened 0.16% above its previous close and finished up 1.18%. SPY opened 0.11% higher and gained 0.58%, leaving QQQ ahead by 0.60 percentage point. Better-than-forecast second-quarter GDP arrived alongside slightly firmer core PCE. The Fed hold, tariff-inflation commentary, a copper tariff order, and Meta and Microsoft earnings defined the later moves.
Published
- QQQ
- +1.18%
- SPY
- +0.58%
- QQQ − SPY
- +0.60%
What shaped the session
Fed rate and inflation path
The Fed kept its overnight rate at 4.25-4.50%, and Powell said tariffs had lifted some goods prices while the broader inflation impact remained uncertain.
Copper tariff policy
A signed proclamation imposed a 50% tariff on semi-finished copper and copper-intensive derivative imports from August 1.
Mega-cap earnings
Meta and Microsoft both reported quarterly earnings and sales above estimates, adding company-specific context to QQQ's lead over SPY.
Key news
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