Feb 4, 2026 · QQQ/SPY Market Review · 50 headlines
QQQ opened down 0.20% and finished 1.33% lower, while SPY moved from a 0.15% opening gain to a 0.24% decline. SPY led by 1.09 percentage points. January ADP employment rose by 22,000, below expectations, while the S&P Global and ISM services readings came in above estimates at 52.7 and 53.8. A Trump-Xi call and renewed Iran warnings kept trade and geopolitical policy in view. After the close, Google reported 48% cloud-revenue growth to $17.7 billion and projected $175 billion to $185 billion of 2026 capital spending, extending the focus on AI infrastructure investment.
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QQQ underperformed SPY by 1.09 percentage points. After the close, Google reported 48% cloud-revenue growth to $17.7 billion and projected $175 billion to $185 billion of 2026 capital spending, keeping the scale of AI infrastructure investment in focus.
January ADP employment increased by 22,000, below expectations. In contrast, the S&P Global services PMI of 52.7 and ISM non-manufacturing PMI of 53.8 both exceeded estimates, leaving a mixed macro signal rather than a single directional message.
Trump said his call with Xi covered trade, Taiwan, Ukraine, Iran and U.S. agricultural purchases. Later warnings directed at Iran's supreme leader, alongside shifting reports about talks, kept geopolitical and energy risks visible.
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