Feb 2, 2026 · QQQ/SPY Market Review · 33 headlines
QQQ reversed a 0.76% lower open to finish up 1.07%, while SPY moved from a 0.48% lower open to a 0.73% gain. QQQ led by 0.34 percentage points. January ISM manufacturing returned to expansion, and both indexes advanced in the following 15 minutes. A U.S.-India tariff agreement, Fed guidance, and large AI financing and consolidation plans shaped the rest of the day.
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January ISM manufacturing rose to 52.6 from a 48.5 estimate, with employment at 48.1 and prices at 59.0. QQQ and SPY gained 0.48% and 0.35% in the following 15 minutes. Atlanta Fed President Bostic said his 2026 baseline included no rate cuts, while the January jobs report was delayed by the government shutdown.
The U.S. said reciprocal tariffs on India would fall from 25% to 18%. Related reports said India agreed to buy more than $500 billion of U.S. goods and stop purchasing Russian oil. Indexes changed little immediately afterward.
Oracle outlined a $50 billion fundraising plan to support infrastructure investment, while SpaceX announced its acquisition of xAI. The announcements underscored the scale of capital needs and consolidation across the AI ecosystem.
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