Macro releases
PPI matched expectations, retail sales missed forecasts, and consumer confidence came in below estimates. The market fell after the morning releases before recovering later in the session.
Nov 25, 2025 · QQQ/SPY Market Review · 24 headlines
SPY gains 1.08% and leads QQQ after a morning dip amid macro and Fed-chair news
QQQ gained 0.78% and SPY gained 1.08%, leaving SPY ahead by 0.29 percentage points. Both opened nearly flat, fell to morning lows, then recovered through the afternoon and after-hours session. Inflation, retail and confidence releases, Fed-chair reporting, and the Ukraine peace-plan update were the main contexts.
Published
- QQQ
- +0.78%
- SPY
- +1.08%
- QQQ − SPY
- -0.29%
What shaped the session
Fed leadership
Reporting that Kevin Hassett had emerged as the leading Fed-chair candidate added a concrete policy-leadership focus during the midday recovery.
Peace-plan talks
Trump said the U.S.-drafted 28-point peace plan had been refined with input from both sides, placing geopolitical negotiations alongside the afternoon advance.
Key news
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