QQQ falls 0.63% as Powell, Micron and AI-investment updates fill Tuesday

QQQ opened 0.02% above the prior close and finished down 0.63%, while SPY opened essentially flat and ended down 0.49%. SPY led by 0.14 percentage points at the end of the session. Powell said employment downside risks prompted the prior week's rate cut, while spending and labor conditions had softened and August 12-month PCE inflation was probably 2.7%. After the close, Micron projected first-quarter adjusted earnings of $3.60 to $3.90 per share and sales of $12.2 billion to $12.8 billion, both above cited estimates. Overnight updates included Micron's 2026 memory roadmap and Alibaba's reported plan to expand AI infrastructure spending.