Fed leadership and rate policy
Kevin Warsh was nominated as Fed chair. Later, Fed official Alberto Musalem said further rate cuts were not advisable because policy was already neutral and the economy did not need stimulus.
Jan 30, 2026 · QQQ/SPY Market Review · 16 headlines
Warsh nomination and firm data frame a 1.46% QQQ drop, 0.95 points behind SPY
QQQ opened 0.54% below the previous close and ended down 1.46%. SPY opened 0.34% lower and finished down 0.51%, leaving QQQ 0.95 percentage points behind. Kevin Warsh's Fed chair nomination and comments from Fed officials kept leadership and interest-rate policy in focus. December producer prices rose 3.0% from a year earlier against a 2.7% forecast, while core PPI increased 0.7% from the prior month versus a 0.2% estimate. Chicago PMI reached 54.0 against 43.5 expected. Alibaba's new AI chip, China-approved H200 purchases and the reported pause in Nvidia's OpenAI agreement broadened the technology backdrop, while shutdown plans added late policy risk.
Published
- QQQ
- -1.46%
- SPY
- -0.51%
- QQQ − SPY
- -0.95%
What shaped the session
Inflation and activity data
December PPI rose 3.0% from a year earlier versus a 2.7% forecast, and core PPI increased 0.7% from the prior month against a 0.2% estimate. Chicago PMI reached 54.0 versus 43.5 expected, with the prior reading revised to 42.7.
AI chips and capital shifts
Alibaba unveiled an in-house AI chip aimed at China's market. China reportedly approved H200 purchases by DeepSeek and other technology companies, while the Wall Street Journal reported that Nvidia's multi-billion-dollar OpenAI agreement was on hold.
Key news
Loading the full-day price curve…