Growth data
August new-home sales reached an annualized 800,000, well above the 650,000 estimate, adding a notably firm housing signal.
Sep 24, 2025 · QQQ/SPY Market Review · 47 headlines
QQQ and SPY reverse opening gains as tariffs and rates shape Wednesday
QQQ opened up 0.22% but finished down 0.29%, while SPY moved from a 0.19% opening gain to a 0.23% decline and led by 0.06 percentage points. Strong new-home sales and debate over the rate path shared the day with EU auto tariffs, Micron's earnings beat and large AI infrastructure commitments.
Published
- QQQ
- -0.29%
- SPY
- -0.23%
- QQQ − SPY
- -0.06%
What shaped the session
Rate path
Bessent called current rates too restrictive and urged 100-150 basis points of cuts by year-end, keeping the policy-rate debate active.
Trade policy
The United States confirmed retroactive 15% tariffs on EU autos and parts while exempting selected pharmaceuticals and aircraft products.
AI and chip spending
Stargate's new data centers and Nvidia commitment highlighted AI infrastructure demand, while Micron reported a Q4 sales, margin and earnings beat.
Key news
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