QQQ leads gains as firm activity data meets rate and tariff signals

QQQ opened 0.54% higher and SPY 0.32% higher, then stood up 1.85% and 0.97% by 4:00 a.m. ET the next day, leaving QQQ ahead by 0.88 percentage point. February ADP employment rose 63,000 versus a 50,000 forecast, and ISM non-manufacturing PMI registered 56.1 versus 53.5 expected. Fed Governor Stephen Miran argued that 100 basis points of cuts would be appropriate in 2026 and said easier policy should accommodate AI-related job transitions. Bessent expected a temporary 15% tariff increase this week. A Revolutionary Guards naval commander said Iran would target U.S. and UK vessels carrying cargo for Israel in the Gulf, keeping shipping risk in view.