Cooler U.S. inflation
September headline CPI rose 3.0% from a year earlier versus the 3.1% forecast, while monthly core CPI increased 0.2% versus 0.3% expected.
Oct 24, 2025 · QQQ/SPY Market Review · 58 headlines
QQQ rises 1.14% alongside cooler inflation and firmer services data
QQQ ended up 1.14%, outpacing SPY's 0.82% gain by 0.31 percentage points. September headline and core inflation were both below forecasts, while October services activity exceeded estimates and consumer sentiment fell short. Intel's results added a semiconductor earnings update. U.S.-China trade policy, bilateral talks in Malaysia, and the disruption at Russia's Ryazan refinery supplied further geopolitical context.
Published
- QQQ
- +1.14%
- SPY
- +0.82%
- QQQ − SPY
- +0.31%
What shaped the session
Mixed growth signals
The October U.S. services PMI reached 55.2 versus the 53.5 estimate, while final University of Michigan consumer sentiment was 53.6 versus 55 expected.
Trade and geopolitics
The USTR opened a Section 301 investigation into China's implementation of the Phase One agreement before bilateral talks began in Malaysia, while a drone attack halted a key unit at Russia's Ryazan refinery.
Key news
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