QQQ and SPY fall about 1% in a session framed by a Fed rate divide and EU cloud scrutiny

QQQ fell 1.00% and SPY declined 0.99%, leaving SPY ahead by about 0.02 percentage points. Fed Vice Chair Jefferson called for caution as rates approached neutral, while Governor Waller backed a quarter-point December cut. EU tariff and cloud-policy developments, Amazon's $15 billion bond sale for rising AI spending, and China's protest over U.S. arms sales to Taiwan rounded out the session context.