Shutdown data disruption
Hassett said the October employment report would be released without an unemployment rate and estimated that the shutdown would reduce fourth-quarter GDP by 1.5%. In the next 15 minutes, both QQQ and SPY declined.
Nov 13, 2025 · QQQ/SPY Market Review · 44 headlines
QQQ drops 2.02% with shutdown data gaps and Fed restraint in view
QQQ opened 0.19% lower and ended down 2.02%, while SPY opened 0.20% lower and finished down 1.58%. SPY led by 0.44 percentage points. Hassett said the October jobs report would omit the unemployment rate and estimated a 1.5% hit to fourth-quarter GDP from the shutdown. Hammack kept service inflation and restrictive policy in focus. AI competition and chip-export controls remained prominent, while China's October industrial output growth slowed to 4.9%.
Published
- QQQ
- -2.02%
- SPY
- -1.58%
- QQQ − SPY
- -0.44%
What shaped the session
Fed policy restraint
Hammack said service inflation remained a concern and policy needed to stay somewhat restrictive. In the next 15 minutes, QQQ and SPY both declined.
AI competition and chip controls
Alibaba planned to relaunch its mobile AI app as a ChatGPT competitor. Later, Amazon and Microsoft were reported to support tighter U.S. controls on Nvidia AI-chip exports to China.
China growth slowdown
China's October industrial production grew 4.9% from a year earlier, below the 5.5% estimate and the prior 6.5% pace. The overnight price record does not provide a complete 15-minute observation after the report.
Key news
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