May 7, 2026 · QQQ/SPY Market Review · 47 headlines
QQQ fell 0.15% and SPY declined 0.33%, leaving QQQ ahead by 0.18 percentage points. Weekly initial jobless claims were 200,000, below the 205,000 forecast, while Fed officials emphasized persistent inflation and an extended rate hold. CoreWeave posted 112% revenue growth and a $99.4 billion backlog, but heavy expansion widened its adjusted net loss. A U.S. court ruled Trump's 10% global tariff invalid. Iran headlines moved from proposed Hormuz shipping lanes to U.S. strikes and a statement that the ceasefire remained in effect. Overnight, Nvidia and IREN outlined up to $2.1 billion of investment, a $3.4 billion GPU-cloud deal and as much as 5 gigawatts of AI infrastructure.
Published
Weekly initial jobless claims were 200,000 versus a 205,000 forecast. Hammack said rates could remain on hold for quite some time, while Collins favored restrictive policy and the New York Fed survey showed stable longer-term inflation expectations.
A U.S. court ruled Trump's 10% global tariff invalid. Iran-related developments included proposed Hormuz shipping lanes, U.S. strikes on Iranian facilities and Trump's statement that the ceasefire remained in effect.
CoreWeave reported 112% revenue growth and a $99.4 billion backlog while expansion widened its adjusted net loss. Nvidia and IREN later outlined up to $2.1 billion of investment, a $3.4 billion GPU-cloud agreement and plans for as much as 5 gigawatts of AI infrastructure.
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