Consumer sentiment and inflation expectations
September consumer sentiment was 55.4 versus 58 expected and 58.2 prior. One-year inflation expectations were 4.8%, above the 4.7% estimate and unchanged from the prior reading.
Sep 12, 2025 · QQQ/SPY Market Review · 35 headlines
QQQ gains while SPY stays flat as AI, sentiment and policy news diverge
QQQ rose 0.44% while SPY slipped 0.06%, giving QQQ a 0.50 percentage-point lead. University of Michigan consumer sentiment was 55.4 versus 58 expected, while one-year inflation expectations were 4.8% versus 4.7% expected. Alibaba's Qwen launch, Nvidia's DGX Cloud retrenchment, U.S.-Japan tariff terms and a Google Play court ruling added technology and policy context.
Published
- QQQ
- +0.44%
- SPY
- -0.06%
- QQQ − SPY
- +0.50%
What shaped the session
AI competition and cloud strategy
Alibaba introduced Qwen3-Next with claimed tenfold performance at one-tenth the predecessor's cost. Nvidia separately scaled back efforts to sell DGX Cloud to corporate customers and shifted the service toward internal use.
Trade and platform policy
Commerce Secretary Howard Lutnick said the United States and Japan would share profits from projects under a $550 billion tariff agreement until the investment was recovered. A U.S. appeals court also rejected Google's request to further delay Play Store reforms.
Key news
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