Nov 4, 2025 · QQQ/SPY Market Review · 23 headlines
QQQ opened down 1.50% and finished 2.67% lower, while SPY opened down 1.10% and lost 1.61%. SPY led by 1.06 percentage points as QQQ underperformed and extended its decline after hours and overnight. AI investment stayed in focus as Microsoft's neocloud commitments surpassed $60 billion and AMD beat quarterly earnings and revenue estimates. The Senate failed to pass an appropriations bill as the shutdown headed for a duration record. Overnight, South Korea's KOSPI fell 6% and triggered a circuit breaker, while China suspended 24% additional tariffs on U.S. goods for one year and the United States cut fentanyl-related tariffs to 10% from 20%.
Published
Both ETFs fell, but QQQ lost 2.67% and trailed SPY by 1.06 percentage points. Overnight risk signals broadened as South Korea's KOSPI fell 6% and triggered a circuit breaker while Japan's Nikkei 225 dropped below 50,000.
Microsoft's neocloud commitments surpassed $60 billion as AI capacity spending expanded. After the close, AMD reported adjusted earnings of $1.20 a share and $9.25 billion of revenue, beating estimates by $0.03 and $500 million, respectively.
The Senate's failed appropriations vote put the federal shutdown on course for a duration record. Later, China suspended 24% additional tariffs on U.S. goods for one year and removed agricultural levies, while the United States cut fentanyl-related tariffs to 10% from 20%.
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