December rate-cut expectations
Fed Governor Christopher Waller said labor-market conditions were his focus and advocated a December rate cut, adding a direct policy signal before the regular session.
Nov 24, 2025 · QQQ/SPY Market Review · 25 headlines
QQQ gains 2.67% and leads SPY amid rate-cut and AI policy headlines
QQQ rose 2.67% through the overnight close while SPY gained 1.54%, leaving QQQ ahead by 1.13 percentage points. The session's main context included Waller's support for a December rate cut, deliberations over advanced Nvidia chip sales to China, Amazon's U.S. government AI investment, a possible Meta purchase of Google TPUs, and the Genesis Initiative for AI-led research.
Published
- QQQ
- +2.67%
- SPY
- +1.54%
- QQQ − SPY
- +1.13%
What shaped the session
AI policy, chips and capacity
AI headlines ranged from U.S. deliberations over advanced Nvidia chip sales to China and Amazon's planned $50 billion government-computing investment to a possible Meta purchase of Google TPUs and the federal Genesis Initiative.
Key news
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