Aug 29, 2025 · QQQ/SPY Market Review · 36 headlines
QQQ fell 1.28% and SPY declined 0.61%, leaving SPY ahead by 0.67 percentage points. Both opened lower and most of the decline occurred during the regular session. Core PCE matched expectations, while Chicago PMI and consumer sentiment missed forecasts. Chip-policy developments, Marvell's softer guidance, late Federal Reserve signals and an after-hours tariff ruling remained important context.
Published
July core PCE inflation was 2.9% year over year, matching the forecast and rising from 2.8%. Chicago PMI was 41.5 versus 46.6 expected, and University of Michigan consumer sentiment finalized at 58.2 versus 58.6 expected. QQQ and SPY declined during the 15 minutes after each of the two later releases.
The United States moved to revoke China waivers for SK Hynix, Samsung and an Intel unit. Marvell's second-quarter results beat expectations, but its third-quarter guidance fell short. These developments kept semiconductor risk in focus while QQQ trailed SPY.
Fed President Mary Daly signaled openness to a September rate cut and said policy would soon need recalibration. After hours, a U.S. appeals court found Trump's global tariffs illegal. QQQ and SPY rose modestly after the Daly headline and edged lower after the court report.
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