US data
Second-quarter GDP was reported at 3.3% versus 3.0% expected, core PCE matched 2.5%, and initial claims were 229K versus 231K expected. QQQ and SPY both advanced in the 15 minutes after the closely timed releases.
Aug 28, 2025 · QQQ/SPY Market Review · 62 headlines
QQQ gains 0.55% and leads SPY as data, retail and chip-policy news share focus
QQQ gained 0.55% and SPY rose 0.31%, leaving QQQ ahead by 0.24 percentage points. Revised GDP, jobless claims and core PCE data framed the premarket. Retail earnings, tariff developments, chip policy and Federal Reserve governance remained important context through the session and overnight trading.
Published
- QQQ
- +0.55%
- SPY
- +0.31%
- QQQ − SPY
- +0.24%
What shaped the session
Retail and tariffs
Best Buy posted its strongest comparable-sales growth in three years and reaffirmed guidance. Dollar General raised its outlook while warning that tariffs were already lifting prices, and the EU proposed tariff reductions tied to its US trade deal.
AI and chip policy
Nvidia was reportedly discussing Blackwell sales to China with the US administration. Intel disclosed $5.7 billion of government cash being converted into equity, while Google committed $9 billion to Virginia AI infrastructure.
Fed governance
Bloomberg reported that Stephen Miran was on track for confirmation before the Federal Reserve meeting. Lisa Cook filed suit over her attempted removal, and Governor Waller later said a larger September cut was unnecessary without substantial labor-market weakness.
Key news
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