QQQ and SPY fall about 0.5% as Iran and trade headlines frame the session

By 4:00 a.m. ET, QQQ was down 0.51% and SPY was down 0.60%, leaving QQQ ahead by 0.08 percentage points. Both ETFs opened lower and remained down through the day. Iran and Hormuz developments dominated the intraday geopolitical backdrop, while later reports pointed to progress in U.S.-Iran talks and initial U.S.-China trade consensus. The EU also confirmed a U.S. trade pact late in the day.