Risk and liquidity
A 20% VIX jump and record gold marked the midday risk-off tone, while Fed reverse-repo use fell to its lowest level since 2021.
Sep 2, 2025 · QQQ/SPY Market Review · 44 headlines
Opening selloff narrows as manufacturing and tech policy frame nearly even losses
QQQ fell 0.59% and SPY lost 0.60%, leaving technology barely ahead after opening gaps of 1.59% and 1.17%. Risk-off pressure, weak ISM manufacturing, semiconductor policy, and Google's search remedies framed the day.
Published
- QQQ
- -0.59%
- SPY
- -0.60%
- QQQ − SPY
- +0.01%
What shaped the session
Manufacturing softness
The August ISM manufacturing PMI registered 48.7 against a 49.0 estimate, keeping factory activity below the expansion threshold.
Technology policy
The U.S. withdrew TSMC's China-shipment waiver, while a judge required Google to share information with rivals but did not order a Chrome sale.
Key news
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