QQQ falls 1.04% as soft services data and chip risks weigh

QQQ fell 1.04% and SPY declined 0.62%, leaving technology-heavy QQQ behind by 0.41 percentage points. July's ISM services reading missed expectations as its prices gauge rose and employment remained in contraction. AI security scrutiny, AMD's after-hours results, and proposed tariffs on chip imports added pressure around technology shares later in the day.