Nov 6, 2025 · QQQ/SPY Market Review · 29 headlines
QQQ opened 0.30% higher but finished down 1.59%, while SPY opened 0.26% higher and ended 0.84% lower. SPY led by 0.76 percentage points as both ETFs reversed premarket gains and reached their session lows around 13:27 ET. Labor indicators softened. Challenger reported October layoffs up 175% year over year, the Chicago Fed estimated unemployment at 4.36% versus 4.14% a year earlier, and Revelio Labs reported a 9,100 decline in October nonfarm payrolls after a 33,000 increase. Fed officials offered differing signals on further rate cuts, while OpenAI's Sam Altman said the company neither has nor wants government guarantees for its data centers.
Published
Challenger reported October layoffs up 175% from a year earlier. The Chicago Fed estimated unemployment at 4.36% versus 4.14% a year earlier. Revelio Labs reported October payrolls fell by 9,100 after rising by 33,000. QQQ and SPY extended declines in the next 15 minutes.
Goolsbee said low hiring and low firing reflected uncertainty and he might be reluctant to keep cutting. Hammack opposed cutting into accommodative territory. Miran expected a December cut and favored 50-basis-point increments, while noting many colleagues preferred 25.
Altman said OpenAI neither has nor wants government guarantees for its data centers and that taxpayers should not bail out companies. Both ETFs were little changed over the next 15 minutes.
Loading the full-day price curve…
