QQQ slides 1.56% and trails SPY as Intel policy and mixed data dominate

QQQ fell 1.56% and SPY lost 0.63%, leaving QQQ 0.93 percentage points behind. Mixed housing and retail data, U.S. efforts to take an Intel stake, AI reorganization, and trade scrutiny were the main contexts.

Published Aug 31, 2026

QQQ: -1.56%
SPY: -0.63%
QQQ − SPY: -0.93%

What shaped the session

Mixed economic data

July housing starts exceeded estimates while permits fell short, and Redbook retail sales rose 5.9% year over year in the latest week.

Semiconductor policy

Intel remained at the center of investment and policy headlines, including U.S. pursuit of a stake without governance rights and later consideration of equity-for-subsidy arrangements.

AI reorganization

Meta reorganized its AI department into four teams, while OpenAI valuation talks kept capital and organizational change in the technology sector in focus.

Trade scrutiny

U.S. scrutiny of Chinese steel and lithium and a later tariff expansion to more than 400 steel- and aluminum-linked products broadened the policy backdrop.

Key news

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←Aug 18:QQQ slips 0.01% while SPY edges up 0.02% amid housing data and tech scrutiny·View all August 2025 QQQ/SPY reviews·Aug 20:QQQ finishes 0.63% lower with tariffs, Fed minutes and AI in focus→