Labor and Fed signals
July JOLTS openings came in at 7.181 million against 7.380 million expected, while the Beige Book reported little or no change in most districts and flat or declining consumer spending.
Sep 3, 2025 · QQQ/SPY Market Review · 54 headlines
Technology leads broad gains as labor data, AI investment, and trade policy share focus
QQQ rose 0.71% and SPY gained 0.49%, leaving technology ahead by 0.23 percentage points. Softer job openings and a subdued Beige Book, major technology developments, sovereign AI demand, and tariff policy framed the session.
Published
- QQQ
- +0.71%
- SPY
- +0.49%
- QQQ − SPY
- +0.23%
What shaped the session
Technology platforms
Google's remedies ruling preserved roughly $20 billion of Apple search revenue, and Apple was reported to be developing a Google-assisted AI web-search tool for Siri.
AI investment
AMD said it had more than 40 sovereign AI engagements, while Google expanded TPU deployment and OpenAI increased the size of its secondary share sale to $10.3 billion.
Trade and tariffs
U.S. tariff revenue reached a record in August, and Washington warned countries they could face tariffs for supporting a UN shipping fuel-emissions agreement.
Key news
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