Inflation and spending
August core PCE was 2.9% year over year and headline PCE was 2.7%, both matching forecasts. Personal spending rose 0.6% month over month, above the 0.5% estimate.
Sep 26, 2025 · QQQ/SPY Market Review · 40 headlines
SPY finishes 0.62% higher, ahead of QQQ, with PCE and tariff updates in focus
QQQ opened 0.14% higher and finished up 0.44%, while SPY moved from a 0.22% opening gain to a 0.62% advance. SPY led by 0.18 percentage points. Core and headline PCE matched forecasts, personal spending exceeded its estimate, and Michigan consumer sentiment was slightly below expectations. Government funding, pharmaceutical tariffs, and Fed policy remarks added further context during the session.
Published
- QQQ
- +0.44%
- SPY
- +0.62%
- QQQ − SPY
- -0.18%
What shaped the session
Sentiment and Fed policy
September Michigan consumer sentiment was 55.1 versus a 55.4 estimate. Fed Governor Michelle Bowman said inflation should return to 2% after a one-time tariff adjustment and called for decisive action as labor-market momentum weakens.
Government funding risk
Federal agencies were told to prepare for mass firings if the government shut down, and a later report said the next U.S. jobs release would be delayed under prior shutdown procedures.
Tariff policy
The White House said the latest pharmaceutical tariffs would not apply to countries with negotiated trade deals. Separate reports described a 15% cap for the European Union and Japan and a planned chip-count levy on foreign electronic devices.
Key news
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