Labor weakness and Fed outlook
September ADP employment unexpectedly contracted, reinforcing rate-cut expectations, while the Supreme Court left Fed Governor Lisa Cook in place pending a January hearing.
Oct 1, 2025 · QQQ/SPY Market Review · 51 headlines
QQQ and SPY rebound as manufacturing data and rate-cut hopes frame the session
QQQ opened 0.53% below the previous close and ended 0.51% above it, while SPY moved from a 0.45% opening decline to a 0.32% gain. QQQ finished 0.19 percentage points ahead. Weak ADP employment, mixed manufacturing readings, and widening shutdown risks provided the main policy and growth context.
Published
- QQQ
- +0.51%
- SPY
- +0.32%
- QQQ − SPY
- +0.19%
What shaped the session
Mixed manufacturing signals
S&P Global manufacturing matched its 52.0 estimate, while ISM manufacturing registered 49.1 against a 49.0 estimate and remained below the expansion threshold.
Shutdown risks broaden
Reports that federal layoffs could begin within days were followed overnight by an administration estimate of sizable weekly GDP losses and more than 43,000 job cuts if the shutdown persists.
Key news
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