Feb 27, 2026 · QQQ/SPY Market Review · 55 headlines
QQQ and SPY opened about 0.75% below their previous closes. Both reached lows near 10:44 ET, when QQQ was down 1.10% and SPY 1.09%, before recovering part of the decline. By 04:00 ET the next morning, QQQ was down 0.63% and SPY 0.81%, leaving QQQ ahead by 0.18 percentage points. Hotter PPI data and a stronger Chicago PMI framed the early weakness. OpenAI financing and federal AI-policy actions dominated technology headlines, while the overnight shift from Iran negotiations to Israeli and U.S. strikes raised geopolitical risk and was followed by Iranian retaliation.
Published
January PPI rose 0.5% month over month versus 0.3% expected, core PPI rose 0.8% versus 0.3%, and the year-over-year rate was 2.9% versus 2.6%. Chicago PMI later reached 57.7 against a 52.0 estimate, keeping inflation and activity signals in focus during the morning decline.
OpenAI completed a $110 billion financing round at a $730 billion valuation, led by Amazon's $50 billion commitment. Later, Trump ordered federal agencies to stop using Anthropic technology, while OpenAI secured a Pentagon agreement for classified systems with stated safety safeguards.
After earlier negotiation headlines, Israel announced a preventive strike on Iran. Trump later said U.S. forces had begun major combat operations, and Iran launched ballistic missiles at Israel in its first retaliation wave.
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