Feb 3, 2026 · QQQ/SPY Market Review · 39 headlines
QQQ moved from a 0.56% higher open to finish down 1.80%, while SPY went from a 0.26% gain at the open to a 0.95% decline. SPY led by 0.85 percentage points. AI-driven business disruption and semiconductor supply constraints framed the technology-heavy selloff, while Fed risk guidance and the downing of an Iranian drone added policy and geopolitical context. AMD results and a reported Nvidia investment in OpenAI extended the AI and chip focus after the close.
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Anthropic's legal AI tool coincided with a selloff in data-service shares, while Intel warned that tight memory supply may persist until 2028. After the close, AMD posted 34% revenue growth and Bloomberg reported Nvidia was nearing a $20 billion OpenAI investment.
Barkin highlighted risks to both employment and inflation, while Miran called for about one percentage point of cuts this year. Warsh's Fed chair nomination also faced a possible procedural delay, keeping both the policy path and leadership transition in focus.
The U.S. military shot down an Iranian drone that approached a Navy aircraft carrier in the Arabian Sea. QQQ and SPY fell 0.21% and 0.20% in the following 15 minutes, adding a concrete geopolitical-risk marker to the session.
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