U.S.-China agreements
Xi Jinping accepted an invitation for a U.S. state visit, Wang Yi said both sides agreed to reduce tariffs, and the two governments planned new trade and investment boards.
May 15, 2026 · QQQ/SPY Market Review · 48 headlines
QQQ slides 1.90% as U.S.-China agreements, AI funding and Iran risk unfold
QQQ and SPY opened 1.34% and 0.85% below the prior close and were down 1.90% and 1.45% by 4:00 a.m. ET the next day. SPY led by 0.45 percentage point. U.S.-China trade and diplomatic agreements, large AI financing, Iran and Hormuz developments, and fresh U.S. industrial-production and Federal Reserve transition news framed the day.
Published
- QQQ
- -1.90%
- SPY
- -1.45%
- QQQ − SPY
- -0.45%
What shaped the session
AI capital and infrastructure
Anthropic reportedly agreed terms for a $30 billion funding deal at a $900 billion valuation, while Microsoft-OpenAI revenue and a potential $400 billion utility combination underscored the scale of AI-linked capital needs.
Iran and Hormuz risk
The United States rejected Iran’s written proposal, Iran said it was maintaining the ceasefire while preparing for renewed conflict, and officials kept the Strait of Hormuz security outlook in focus.
Macro data and Fed transition
U.S. industrial production rose 0.7% in April and the Federal Reserve said Powell would remain interim chair until Warsh was sworn in.
Key news
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