Feb 25, 2026 · QQQ/SPY Market Review · 73 headlines
QQQ and SPY opened 0.46% and 0.35% above their previous closes, then extended gains during the regular session. After-hours prices reached highs of 1.62% for QQQ and 0.99% for SPY following NVIDIA's results and guidance, before easing to final gains of 1.15% and 0.70%, leaving QQQ ahead by 0.45 percentage points. Tariff developments, Fed policy and inflation remarks, a much larger-than-expected crude-inventory build, and NVIDIA's earnings and outlook formed the main context.
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The U.S. Trade Representative said the global import tariff on some countries could reach 15%. The EU estimated that 7% of its exports, covering €4.2 billion of goods, would face rates above its 15% agreement cap, while NVIDIA said licensed H200 imports would carry a 25% tariff.
Waller signaled that the March rate vote could be close. Musalem described real policy as neutral, said inflation was nearly a full percentage point above target and warned that shutdown effects could bias CPI downward through April.
U.S. crude inventories rose 15.989 million barrels versus 1.8 million expected. OPEC+ was reported to be considering a 137,000-barrel-per-day April increase, while Saudi exports reached a three-year high amid Iran tensions.
NVIDIA reported adjusted earnings of $1.62 versus $1.53 expected and sales of $68.127 billion versus $66.003 billion. It projected first-quarter sales of $76.440 billion to $79.560 billion against a $71.963 billion estimate and said its pipeline should exceed $500 billion.
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