Diverging Fed signals
Williams said current policy remained modestly restrictive and left room for near-term cuts. Collins and Logan separately favored holding rates, while Miran described policy as restrictive and supported a 25-basis-point cut.
Nov 21, 2025 · QQQ/SPY Market Review · 37 headlines
QQQ gains 1.09%, with Fed signals diverging and U.S. activity data firm
QQQ and SPY finished 1.09% and 1.17% above the prior close by 04:00 ET, with SPY ahead by 0.07 percentage points. Regular-session gains were followed by an after-hours pullback and a modest overnight recovery. Fed officials offered a mixed policy picture. Williams said near-term cuts remained possible, while other officials favored holding rates. U.S. services PMI beat forecasts, and Michigan sentiment beat estimates but remained below its prior reading. Eurozone activity stayed in expansion while the U.K. composite PMI weakened more than expected.
Published
- QQQ
- +1.09%
- SPY
- +1.17%
- QQQ − SPY
- -0.07%
What shaped the session
U.S. activity and data calendar
November services PMI reached 55.0 versus a 54.6 estimate, while Michigan sentiment was 51.0 versus 50.3 expected and 53.6 previously. The Bureau of Labor Statistics canceled the October CPI release and scheduled November CPI for December 18.
Global activity data
The Eurozone composite PMI remained in expansion at 52.4, nearly matching the 52.5 estimate and prior reading. The U.K. composite PMI fell to 50.5, below both the 51.8 estimate and the 52.2 prior reading.
Key news
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