Mixed macro signals
Weekly initial jobless claims were lower than forecast, while Chicago PMI fell well short of expectations. The releases presented contrasting labor and business-activity signals.
Nov 26, 2025 · QQQ/SPY Market Review · 39 headlines
QQQ gains 1.04% and edges SPY as AI policy and mixed macro signals frame the session
QQQ gained 1.04% and SPY gained 0.79%, leaving QQQ ahead by 0.24 percentage points. Lower initial jobless claims, a weaker Chicago PMI, China's reported restriction on Nvidia chips for ByteDance data centers, and the Fed's Beige Book provided the main context.
Published
- QQQ
- +1.04%
- SPY
- +0.79%
- QQQ − SPY
- +0.24%
What shaped the session
AI policy
A report that Chinese regulators blocked ByteDance from using Nvidia chips in new data centers added a concrete AI-chip policy development.
Fed conditions
The Beige Book described little change in activity, moderate price increases, slightly lower employment, and weak labor demand in about half of Fed districts.
Key news
Loading the full-day price curve…