Weak payrolls and Hormuz strains deepen declines, with QQQ trailing SPY

QQQ opened 0.69% lower and SPY opened 0.49% lower. By 4:00 a.m. ET the next day, they were down 1.66% and 1.47%, leaving SPY ahead by 0.19 percentage point. February payrolls fell by 92,000 and the prior two months were revised down by 69,000. Energy and shipping strains included a tanker attack, Maersk service suspensions, a Kuwaiti production cut, and Hormuz passage restrictions. The Commerce Department said it would not revive the AI diffusion rule, while Samsung reportedly planned another 100% NAND price increase. Fed officials highlighted data dependence and oil, employment, and stagflation risks.