SPY gains 0.39% as Fed and AI signals frame QQQ's lag

QQQ and SPY opened 0.03% and 0.07% higher, respectively. By the end of overnight trading, QQQ was down 0.05% while SPY had gained 0.39%, leaving SPY ahead by 0.44 percentage point. The Fed cut its key overnight rate by 25 basis points and announced $40 billion of Treasury purchases over 30 days. Powell said the policy debate was between holding rates and cutting further, with hikes outside the base case. Separate AI headlines highlighted a high cybersecurity-risk assessment for new OpenAI models and Oracle's $523 billion backlog alongside a planned $15 billion increase in 2026 capital spending.