QQQ finishes 1.36% higher amid CPI and rate-cut repricing

QQQ and SPY finished 1.36% and 1.12% above their previous closes after opening 0.41% and 0.37% higher. The session featured a 2.7% July headline CPI reading, expectations for three Fed rate cuts, pressure on Powell and fresh developments around Chrome and Threads.

Published Aug 31, 2026

QQQ: +1.36%
SPY: +1.12%
QQQ − SPY: +0.24%

What shaped the session

Inflation and rate expectations

July headline CPI rose 2.7% from a year earlier, below the cited 2.8% forecast. A later report said markets were pricing three Fed rate cuts after the inflation data.

Fed leadership pressure

Trump called for Powell to cut rates immediately and said he was considering a major lawsuit against him. The report arrived during regular trading as QQQ and SPY were advancing on the day.

Technology platform developments

Perplexity offered $34.5 billion for Google's Chrome. Meta separately said Threads had passed 400 million monthly active users, up from 350 million in April.

Key news

Loading the full-day price curve…

You can explore the full-day price curve and 5 featured headlines now. Pro adds all 22 headlines, measured 1/5/15/30/60-minute reactions, the complete timeline, and historically similar news.

Already subscribed? to view the full review.

Related market reviews

Jul 15, 2025CPI · similar QQQ/SPY splitHot CPI and rate pressure accompany a flat QQQ and 0.60% SPY declineQQQ opened 0.74% above the prior close but lost 0.67 percentage points during regular trading and another 0.17 points after hours to finish essentially flat. SPY opened 0.44% higher and ended down 0.60%, leaving QQQ ahead by 0.53 points. June CPI rose 2.7% from a year earlier, above the 2.6% forecast, while Trump called for a 3-point rate cut. Trade and technology headlines included a U.S.-Indonesia tariff deal at 19%, AMD's planned resumption of MI308 exports to China, and a reported Microsoft program security risk.Open review
Feb 13, 2026CPI · similar QQQ/SPY splitCPI rebound fades into a flat QQQ finish as SPY slips 0.05%QQQ finished essentially flat while SPY fell 0.05%, leaving QQQ ahead by 0.05 percentage points. A softer headline CPI reading, later Fed commentary, AI capital-market developments and an expanded Microsoft cloud and AI probe framed the day.Open review
Jul 14, 2026Also covers CPIQQQ gains 1.45% and leads SPY by 0.93 points alongside cooler CPI and chip updatesQQQ opened 1.20% above its previous close and was up 1.45% by 4:00 a.m. ET on July 15. SPY moved from a 0.23% regular-open gain to 0.52%, leaving QQQ 0.93 percentage points ahead. June CPI rose 3.5% from a year earlier, below the 3.8% forecast and the prior 4.2%, and short-term rate futures rose as traders reduced rate-hike bets. Chip and AI updates included the start of H200 shipments to China, an ASML earnings beat, and New York’s one-year moratorium on new data centers. Replacing the proposed 20% Hormuz fee with trade and investment deals was followed by a renewed U.S. naval blockade and fresh military warnings. Prices after 8:00 p.m. ET were carried.Open review

←Aug 11:QQQ slips 0.32% as China chip policy and tariff extensions dominate·View all August 2025 QQQ/SPY reviews·Aug 13:SPY closes 0.25 percentage points ahead of QQQ amid Fed and tariff signals→