Growth and inflation data
Initial claims were 218,000 versus 235,000 expected, second-quarter GDP was 3.8% versus 3.3%, core PCE was 2.6% versus 2.5%, and August durable-goods orders rose 2.9% versus a 0.3% decline expected.
Sep 25, 2025 · QQQ/SPY Market Review · 45 headlines
Growth surprises and Fed remarks accompany near-0.5% declines in QQQ and SPY
QQQ recovered from an opening decline of 0.65% to finish down 0.49%, while SPY moved from a 0.47% opening decline to a 0.49% loss. The funds ended essentially tied. A concentrated morning release set showed lower-than-forecast jobless claims, stronger GDP and durable-goods orders, and slightly firmer core PCE, while Fed officials offered differing views on the pace of rate cuts.
Published
- QQQ
- -0.49%
- SPY
- -0.49%
- QQQ − SPY
- +0.00%
What shaped the session
Rate path
Miran favored a series of 50-basis-point cuts, while Goolsbee warned against front-loading cuts and Schmid emphasized rising labor-market risks and forward-looking policy.
AI government adoption
Grok was cleared for use across U.S. government agencies, adding a concrete public-sector adoption development to a session rich in AI infrastructure news.
Trade policy
European automakers rose after the United States lowered tariffs to 15%, adding another cross-border policy update before the regular session.
Key news
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