Aug 21, 2025 · QQQ/SPY Market Review · 34 headlines
QQQ ended 0.33% lower and SPY lost 0.24%, leaving QQQ 0.08 percentage points behind. Both opened about 0.28% lower, fell to intraday lows of 0.86% and 0.64%, then recovered into after-hours trading. Mixed U.S. data, Fed warnings about tariff-linked inflation, trade and chip-policy developments, and AI financing and product news were prominent contexts.
Published
Initial claims rose to 235,000 against a 225,000 forecast and the Philadelphia Fed index was -0.3 versus 6.8 expected. In contrast, manufacturing and services PMIs beat estimates, while existing-home sales reached 4.01 million against 3.92 million expected.
Fed officials Schmid and Goolsbee stressed inflation risks around lower short-term rates and unfinished tariff increases. Separately, the United States and Europe finalized a framework that was expected to lower auto tariffs to 15% within weeks.
The administration was reported to be considering moving $2 billion of CHIPS Act funding to critical minerals. China-to-U.S. rare-earth magnet exports reached a six-month high, while Nvidia's H20 production and DeepSeek's support for Chinese chips added to the supply-chain picture.
Google offered Gemini for Government to federal agencies for 47 cents, Anthropic was reported to be nearing funding of as much as $10 billion, and Meta reportedly agreed to a six-year, $10 billion Google Cloud deal.
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