QQQ falls 0.22% as hot PPI and chip-policy headlines frame the day

QQQ ended 0.22% lower while SPY was nearly flat, leaving QQQ 0.26 percentage points behind. July producer prices rose 3.3% from a year earlier versus the 2.5% forecast, while initial jobless claims were 224,000 against a 225,000 estimate. During the session, Fed President Alberto Musalem said inflation was near 3% and tariffs were feeding through, and White House adviser Peter Navarro said pharmaceutical tariffs were likely under a Section 232 investigation. Late in the day, the Trump administration was reported to be discussing a government stake in Intel. Applied Materials then issued fourth-quarter earnings and sales guidance below estimates after the close.