SPY gains 0.15% while QQQ stays flat amid soft data and late shutdown news

SPY rose 0.15% while QQQ was essentially flat, leaving SPY ahead by 0.15 percentage points after both opened slightly lower. Below-estimate activity and confidence data, Fed rate guidance, AI investment and product releases, and the late U.S. government shutdown framed Tuesday.

Published Sep 1, 2026

QQQ: +0.00%
SPY: +0.15%
QQQ − SPY: -0.15%

What shaped the session

Softer activity data

Chicago PMI came in at 40.6 versus 43.4 expected, while September consumer confidence was 94.2 versus 96.0 expected.

Fed rate path

Susan Collins said gradual rate cuts could follow if the economy met expectations, but warned that aggressive easing could revive inflation risks.

AI deals and launches

CoreWeave signed a $14.2 billion computing agreement with Meta, while OpenAI released Sora 2.0 and a standalone social app.

Shutdown and chip policy

The U.S. government shut down after funding bills failed, and Taiwan later rejected a proposed 50-50 split of U.S. and Taiwan chip production.

Key news

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←Sep 29:QQQ leads SPY higher after both pare opening gains amid Fed, AI and shutdown updates·View all September 2025 QQQ/SPY reviews·Oct 1:QQQ and SPY rebound as manufacturing data and rate-cut hopes frame the session→