QQQ and SPY close higher after paring opening gains as AI and EV news keep QQQ ahead

QQQ opened 0.63% above the previous close and finished up 0.46%, while SPY moved from a 0.30% opening gain to a 0.15% advance. QQQ led by 0.31 percentage points. Record Tesla deliveries and OpenAI financing kept technology in focus, while Fed inflation warnings, shutdown-related data delays, and new chip export restrictions tempered the session.

Published Aug 25, 2026

QQQ: +0.46%
SPY: +0.15%
QQQ − SPY: +0.31%

What shaped the session

AI capital cycle

OpenAI's reported $500 billion valuation underscored continued investor demand for large-scale AI platforms and kept the technology capital cycle in focus.

EV demand

Tesla delivered a record 497,099 vehicles in the third quarter, up 7.4% from a year earlier and well above the reported consensus estimate.

Policy and data uncertainty

Fed Governor Lorie Logan highlighted above-target inflation and weaker payroll growth, while the government shutdown threatened to delay the jobs report and other key economic data.

Chip export controls

Applied Materials quantified the expected revenue impact of expanded U.S. export restrictions, adding a concrete policy risk for semiconductor equipment demand in China.

Key news

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