Mixed U.S. data
ADP reported a 32,000 employment decline against an expected 5,000 increase, while the ISM services index reached 52.6 and exceeded expectations.
Dec 3, 2025 · QQQ/SPY Market Review · 36 headlines
Services strength offsets weak hiring as SPY ends ahead
QQQ and SPY opened 0.27% and 0.29% above their previous closes. They finished up 0.15% and 0.30%, leaving SPY ahead by 0.15 percentage points. A 32,000 decline in ADP employment contrasted with an ISM services reading of 52.6. Micron's Crucial exit, Marvell's revenue outlook, Nvidia-related export policy and Amazon's Trainium scale added semiconductor and AI context.
Published
- QQQ
- +0.15%
- SPY
- +0.30%
- QQQ − SPY
- -0.15%
What shaped the session
Memory supply shift
Micron said it would leave the Crucial consumer business amid a global memory shortage, marking a concrete change in product allocation.
AI-chip demand
Marvell projected $10 billion in revenue next year, while Amazon said millions of Trainium chips were in production and generated billions in annualized revenue.
Chip-export policy
The annual U.S. defense bill omitted the GAIN AI proposal, which would have restricted Nvidia AI-chip sales to some overseas markets.
Key news
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