Nov 20, 2025 · QQQ/SPY Market Review · 41 headlines
QQQ and SPY opened 1.69% and 1.22% above the prior close and climbed further in late morning before reversing through the regular session and extending losses after hours. By 04:00 ET, QQQ was down 2.18% and SPY was down 1.24%, leaving QQQ 0.93 percentage points behind SPY. September payrolls beat forecasts while unemployment rose to 4.4%, and cautious Fed messaging remained in view. Semiconductor-tariff reports and developments around a U.S. draft plan for Ukraine formed the wider policy backdrop.
Published
September payrolls rose by 119,000 versus a 50,000 forecast while unemployment reached 4.4%. Initial claims fell to 220,000 and October existing-home sales reached 4.10 million. Fed officials Hammack, Barr and Goolsbee stressed financial-risk or inflation concerns around further easing.
The administration was reported to be considering a delay to semiconductor tariffs, while the United States and China discussed managing trade uncertainty. A White House order later modified the scope of tariffs on Brazil.
Zelenskiy agreed to work on a U.S. draft plan to end the war, and the White House later said the plan should be acceptable to both sides. U.S. officials also outlined the foreign-asset consequences of sanctions on Russian oil companies.
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