Mar 12, 2026 · QQQ/SPY Market Review · 51 headlines
QQQ opened 0.81% below its previous close and finished down 1.81%. SPY opened 0.78% lower and finished down 1.46%, leaving QQQ behind by 0.35 percentage points. Initial jobless claims were 213,000, below the 215,000 forecast and the prior 214,000. Iran-related shipping updates included reports of possible mining in the Strait of Hormuz and a later statement that vessels could still pass with Iranian naval coordination. A Reuters poll still pointed to a June Federal Reserve rate cut despite war-related inflation risks. Company news included Meta's Persian Gulf cable suspension and ByteDance's reported access to Nvidia's top AI chips.
Published
The U.K. defence secretary said reports increasingly indicated Iran might be mining the Strait of Hormuz. Iran later said many vessels could still pass with naval coordination and denied laying mines, keeping oil-shipping conditions in focus.
Initial jobless claims were 213,000 versus a 215,000 forecast and 214,000 previously. A Reuters poll still projected a June Federal Reserve rate cut despite inflation risks tied to the war.
Meta's large Persian Gulf submarine-cable project was suspended because of the Iran conflict. Overnight, The Wall Street Journal reported that ByteDance had obtained access to Nvidia's top AI chips.
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