Inflation pressure
April headline CPI rose 3.8% from a year earlier versus a 3.7% forecast, while the retained core readings also exceeded estimates and kept the rate outlook in focus.
May 12, 2026 · QQQ/SPY Market Review · 47 headlines
QQQ falls 1.18% and trails SPY amid inflation, policy and chip news
QQQ and SPY opened 0.72% and 0.32% below the prior close. By 4:00 a.m. ET the next day, QQQ was down 1.18% and SPY was down 0.36%, leaving QQQ 0.82 percentage point behind. Above-forecast inflation, broad semiconductor weakness, oil and regional risk, and tariff and China-trade developments defined the session's news.
Published
- QQQ
- -1.18%
- SPY
- -0.36%
- QQQ − SPY
- -0.82%
What shaped the session
Oil and regional risk
The planned 53.3 million-barrel Strategic Petroleum Reserve loan and a Reuters report of covert Saudi attacks on Iran kept energy supply and regional conflict prominent.
Semiconductor weakness
The Philadelphia Semiconductor Index fell 4.3%, with Qualcomm down 12%, Intel 9.1%, SanDisk 8.5%, and Micron 7.6%, documenting broad weakness across major chip names.
Tariffs and China trade
A court stay kept the 10% global tariff in force during appeal, while Sino-U.S. economic and trade consultations began in South Korea overnight.
Key news
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