Activity data
Chicago PMI reached 43.5 versus a 39.8 estimate, Dallas Fed services revenue improved to 0.1 from -2.5, and China's overnight PMI readings moved above 50.
Dec 30, 2025 · QQQ/SPY Market Review · 29 headlines
Activity data, Fed minutes and AI investment frame a session where QQQ falls 0.47%
QQQ ended down 0.47% and SPY down 0.29%, leaving SPY ahead by 0.18 percentage points. Chicago PMI beat estimates and Dallas Fed services revenue improved from its prior reading. Fed minutes showed ample reserves and differing views on the December rate cut. Tariff planning, AI investment and later China PMI releases added context through after-hours and overnight trading.
Published
- QQQ
- -0.47%
- SPY
- -0.29%
- QQQ − SPY
- -0.18%
What shaped the session
Fed policy
Fed minutes described reserve balances as ample, recorded dissent over the December rate cut and said further easing could be appropriate if inflation declines.
AI investment
Amazon outlined up to $50 billion for U.S. government AI infrastructure, while SoftBank completed a $22.5 billion OpenAI investment and Nvidia explored new deals and chip orders.
China policy
China reportedly required chipmakers to use at least 50% local equipment, while U.S. tariff contingency planning and later H200 demand kept trade and semiconductor policy in view.
Key news
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