Macro release cluster
The Philadelphia Fed manufacturing index was -10.2 versus 2.5 expected, November CPI rose 2.7% year over year with core CPI up 2.6%, and initial jobless claims were 224,000 versus 225,000 expected.
Dec 18, 2025 · QQQ/SPY Market Review · 37 headlines
QQQ opened 0.89% higher and finished up 1.43%. SPY opened 0.47% higher and ended up 0.75%, leaving QQQ ahead by 0.68 percentage points. The Philadelphia Fed index, CPI and jobless-claims releases provided the main macro context, while Micron and OpenAI supplied semiconductor and AI updates. Among the selected updates, the largest measured 15-minute move followed the Philadelphia Fed release, when QQQ rose 0.56% and SPY gained 0.38%. CPI and jobless-claims figures arrived within the next two minutes.
Published
The Philadelphia Fed manufacturing index was -10.2 versus 2.5 expected, November CPI rose 2.7% year over year with core CPI up 2.6%, and initial jobless claims were 224,000 versus 225,000 expected.
Micron highlighted a record first quarter and strong outlook, while OpenAI introduced GPT-5.2-Codex.
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