Mixed U.S. services data
S&P Global's September composite PMI reached 53.9, above the 53.6 estimate, but the later ISM non-manufacturing PMI printed at 50.0 versus 51.8 expected.
Oct 3, 2025 · QQQ/SPY Market Review · 35 headlines
QQQ trails SPY as mixed services data and Fed signals pressure technology shares
QQQ opened 0.13% above the previous close but finished down 0.46%, while SPY moved from a 0.11% opening gain to a 0.05% advance. SPY led by 0.51 percentage points. Stronger S&P Global service-sector readings contrasted with an ISM non-manufacturing PMI of 50.0, while Fed Governor Stephen Miran linked his policy view to shelter inflation and tariff adjustment.
Published
- QQQ
- -0.46%
- SPY
- +0.05%
- QQQ − SPY
- -0.51%
What shaped the session
Fed policy signals
Stephen Miran said he would revisit his policy view if shelter inflation did not ease as expected and argued that consumers could adjust spending in response to tariffs.
Overseas growth backdrop
The U.K. composite PMI slowed to 50.1 from 53.5 and missed the 51.0 estimate, adding a softer international growth signal before U.S. trading.
Key news
Loading the full-day price curve…