Manufacturing and inflation signals
S&P Global manufacturing PMI beat expectations, while ISM manufacturing and employment missed forecasts and the unselected ISM prices reading was higher than expected.
May 1, 2026 · QQQ/SPY Market Review · 48 headlines
QQQ opened 0.21% higher and finished up 0.87%. SPY opened up 0.36% and ended 0.19% higher, leaving QQQ ahead by 0.68 percentage points. A stronger S&P Global manufacturing reading, softer ISM headline and employment figures, Apple guidance, and memory-price developments framed the technology-heavy advance. Iran and Hormuz negotiations, tariff signals, and later Fed dissent kept geopolitical, trade, and rate risks active. The clearest selected continuation followed the S&P Global PMI release, although both ETFs had already risen beforehand. Other selected headlines were accompanied by smaller moves or lacked complete pre-market price evidence.
Published
S&P Global manufacturing PMI beat expectations, while ISM manufacturing and employment missed forecasts and the unselected ISM prices reading was higher than expected.
Apple guided third-quarter sales above consensus, cloud and social-media companies reported rising memory prices, and SanDisk and Western Digital supplied strong earnings and guidance evidence.
Iran delivered a response to U.S. amendments, Washington warned shippers about Hormuz toll sanctions, Trump renewed EU vehicle tariff pressure, and three Fed officials opposed signaling a rate cut.
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