QQQ rebounds 0.50% as services expand and AI rules tighten

QQQ opened down 0.04% and finished 0.50% higher, while SPY opened essentially flat and gained 0.30%. QQQ led by 0.20 percentage points. October private employment rose by 42K, above the 32K estimate. The S&P Global services PMI was 54.8, and the ISM services PMI reached 52.4 against a 50.8 estimate. China restricted foreign AI chips in state-funded data centers, while U.S. Supreme Court justices questioned the legality of broad tariffs. After the close, Qualcomm and ARM Holdings reported adjusted earnings and revenue above estimates, as both ETFs gave back part of the regular-session advance.