Nov 11, 2025 · QQQ/SPY Market Review · 38 headlines
QQQ opened 0.52% lower and finished down 0.12%, while SPY opened 0.29% lower and ended up 0.28%. SPY led by 0.40 percentage points. Labor signals included average private-sector job losses of 11,250 every two weeks and a 5.9% rise in the Johnson Redbook retail-sales index. AI capital headlines ranged from SoftBank's $15 billion Nvidia and T-Mobile stake sales to Microsoft and Alphabet data-center investments. AMD also set multi-year data-center and earnings targets.
Published
ADP employment data showed average private-sector losses of 11,250 jobs every two weeks, while the Johnson Redbook retail-sales index rose 5.9% in the first week of November. In the 15 minutes after the ADP item, QQQ and SPY each rose about 0.06 percentage points.
SoftBank sold $15 billion of Nvidia and T-Mobile stakes to fund AI investments. Microsoft planned $10 billion for Portugal data centers, OpenAI's Stargate received $3 billion, and Alphabet committed $6.4 billion in Germany. QQQ rose 0.23 percentage points and SPY rose 0.18 in the 15 minutes after the Alphabet item.
AMD projected annual data-center chip revenue of $100 billion within five years and revenue CAGR above 35% over the next three to five years. It also targeted non-GAAP EPS above $20. QQQ and SPY each slipped about 0.03 to 0.04 percentage points in the 15 minutes after the CAGR statement.
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