May 4, 2026 · QQQ/SPY Market Review · 66 headlines
QQQ fell 0.32% and SPY lost 0.40%, leaving QQQ ahead by 0.08 percentage points. Iran-UAE risk stayed prominent after a drone attack and fire at a Fujairah petroleum site. The UAE later reported intercepting 12 ballistic missiles, 3 cruise missiles and 4 UAVs, with three moderate injuries. OpenAI finalized a $10 billion AI deployment venture, while S&P 500 Q1 2026 earnings growth tracked 27.1%, the highest since Q4 2021. Williams projected 3% inflation this year and 2% by 2027, and put the monthly job-market breakeven at zero to 50,000 jobs. March factory orders rose 1.5%, with ex-transport orders up 1.6%.
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A fire erupted at a Fujairah petroleum site after an Iranian drone attack. The UAE later reported intercepting 12 ballistic missiles, 3 cruise missiles and 4 UAVs, with three moderate injuries. A Maersk vessel subsequently exited the Persian Gulf under U.S. military escort.
OpenAI finalized a $10 billion venture with private-equity firms to deploy AI. S&P 500 Q1 2026 earnings growth tracked 27.1%, the highest since Q4 2021, while Micron's CEO said AI demand could consume more than half of this year's DRAM and NAND market.
Williams projected 3% inflation this year and a return to the 2% target by 2027. He said the monthly job-market breakeven may now be zero to 50,000 jobs and longer-run inflation expectations remained contained. March factory orders rose 1.5%, and ex-transport orders increased 1.6%.
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