QQQ and SPY fall nearly 1% as oil-driven rate repricing gives way to an after-hours rebound

QQQ opened 0.32% below the previous close and finished down 0.99%. SPY opened 0.49% lower and ended down 0.99%, leaving the pair almost even. Both reached session lows near 15:39 before recovering after hours. Waller said persistent high oil could feed core inflation, while traders priced a 50% chance of a Fed rate increase this year. Hormuz remained central to the risk backdrop, though later reports that the United States was considering de-escalation coincided with an after-hours rebound.