Fed, AI and labor policy
Bostic warned that AI could lift structural unemployment, while Cook said the investment boom might raise the neutral rate and limit the Fed's ability to offset AI-related layoffs without adding inflation risk.
Feb 24, 2026 · QQQ/SPY Market Review · 55 headlines
QQQ rises 1.23% and leads SPY after a midmorning reversal amid Fed-AI and tariff news
QQQ and SPY opened modestly above their previous closes, briefly turned negative in midmorning trading and then climbed through the afternoon. QQQ finished up 1.23%, compared with a 0.81% gain for SPY, and held most of its lead overnight. Fed officials' discussion of AI, employment and inflation, shifting tariff implementation, stronger consumer confidence and new AI infrastructure commitments provided the main context.
Published
- QQQ
- +1.23%
- SPY
- +0.81%
- QQQ − SPY
- +0.42%
What shaped the session
Tariff implementation shifts
Customs initially implemented a 10% global tariff instead of 15%, while a later White House report said the administration was working to move the temporary rate back to 15%.
Consumer data
February consumer confidence reached 91.2 versus the 87.4 estimate, while the Redbook retail index rose 6.7% from a year earlier.
AI infrastructure commitments
AMD and Meta expanded a custom AI-chip partnership tied to 6 gigawatts of deployment, while Google outlined a Minnesota data center and Trump proposed that large technology companies supply power for their AI demand.
Key news
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