Jun 3, 2026 · QQQ/SPY Market Review · 48 headlines
QQQ opened 0.16% above the prior close while SPY opened 0.19% lower. Both weakened through regular trading and after hours. By the full-window finish, QQQ was down 1.06% and SPY fell 1.19%, leaving QQQ ahead by 0.13 percentage points. Firmer ADP, ISM and factory-order readings met cautious Fed inflation comments. A larger crude draw, Broadcom's results and AI-compute orders, plus tariff and Iran policy updates completed the day's main themes.
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May ADP employment rose 122,000 versus 118,000 expected and 109,000 previously. May ISM services was 54.5 versus 53.7 expected, while April factory orders rose 4.8% versus 4.6% expected. S&P Global services PMI was softer at 50.7 versus 50.9 expected, leaving a mixed but generally firmer data set.
Williams said there was no obvious argument to change rates immediately, while the Beige Book reported moderate-to-strong price increases and higher inflation in most districts. After hours, Logan said the Fed might need to raise rates this year and that policy was not restraining the economy.
A proposed tariff action could affect imports from 60 trading partners, while U.S. crude inventories fell 7.974M barrels versus a 2.900M draw expected. Iran-related status also shifted through the window, including continued talks, military reports and a House resolution limiting presidential authority to use force.
Broadcom reported 79% semiconductor-revenue growth, a $16B Q3 AI-chip outlook described as below expectations, over $30B of Q2 AI-semiconductor bookings and $56B of expected FY2026 AI-semiconductor revenue. It also disclosed another 5 GW of TPU compute for Anthropic from 2027 and an initial 1 GW Meta order.
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