QQQ gains 0.30% alongside AI financing, record oil releases and Iran risk

QQQ and SPY reversed modest negative opening gaps and stood 0.30% and 0.23% above the prior close by 4:00 a.m. ET. QQQ led by 0.07 percentage point. AI financing and deployment, a record Strategic Petroleum Reserve release and renewed Iran tension framed the day's news.

Published Aug 3, 2026

QQQ: +0.30%
SPY: +0.23%
QQQ − SPY: +0.07%

What shaped the session

AI and chip capital

Broadcom's reported $35 billion financing talks, OpenAI's planned enterprise-deployment company and an Apple-Intel supply agreement highlighted the scale and breadth of AI and chip investment.

Oil supply and Iran risk

A record weekly Strategic Petroleum Reserve release and a warning that the Iran ceasefire was on life support kept energy supply and geopolitical risk prominent.

U.S.-China business agenda

The reported participation of major technology and finance executives in the U.S. president's China trip put agriculture, commercial aviation and corporate diplomacy on the agenda.

Key news

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