Jan 29, 2026 · QQQ/SPY Market Review · 72 headlines
QQQ opened 0.08% above the previous close and ended down 0.85%. SPY opened 0.20% higher and finished 0.39% lower, leaving QQQ behind by 0.46 percentage points. Factory orders rose 2.7% against a 1.7% estimate, while jobless claims and comments about the next Fed chair added policy context. Microsoft’s sell-off, Apple’s record revenue and SanDisk’s corrected guidance shaped the earnings backdrop. Amazon’s OpenAI talks and policy headlines involving Iran, Cuba and government funding broadened the session’s risk picture.
Published
Initial jobless claims were 209,000 versus 206,000 expected, and November factory orders rose 2.7% against a 1.7% estimate. Trump later said the Fed chair nominee would be announced the following week and argued that rates should be two to three percentage points lower.
Microsoft shares fell more than 12% after higher data-center and AI infrastructure spending renewed return concerns. Apple reported fiscal first-quarter revenue of $143.8 billion, up 16%, while SanDisk’s corrected guidance put adjusted earnings at $12 to $14 a share and sales at $4.4 billion to $4.8 billion.
Amazon was reported to be discussing an investment of as much as $50 billion in OpenAI. A separate Reuters report said SpaceX and xAI were discussing a share-exchange merger ahead of a planned SpaceX public offering.
Iran said it would not start a war but would retaliate if invaded. Trump declared a national emergency and threatened tariffs on countries supplying oil to Cuba, while a two-week funding agreement with Senate Democrats temporarily reduced shutdown pressure.
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