Jun 5, 2026 · QQQ/SPY Market Review · 34 headlines
QQQ opened 1.43% below its prior close and finished the full window down 5.44%. SPY opened 0.63% lower and ended down 2.87%, leading by 2.57 percentage points. Most of the deterioration came during regular trading, when QQQ lost another 3.30 points versus 1.92 points for SPY, followed by further after-hours weakness. The day's context included May payrolls of 172,000 versus 85,000 expected, a reported U.S.-Iran negotiating deadlock, restrictions on Chinese participation in SpaceX's IPO, a large SpaceX-Google GPU agreement, and Bitcoin falling below $60,000.
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The official May payroll release showed 172,000 jobs added versus 85,000 expected, while unemployment held at 4.3%. Both ETFs were already below their prior closes before the release and their declines deepened later in the window.
An adviser to Iran's Supreme Leader said U.S.-Iran talks were deadlocked over frozen assets and denied a reported leader meeting. Separately, SpaceX reportedly excluded Hong Kong and Chinese investors from its $75 billion IPO under U.S. arms-export rules.
A SpaceX S-1 amendment disclosed an agreement to provide Google with 110,000 NVIDIA GPUs for a $920 million monthly fee through June 2029. The scale of the agreement added a concrete AI infrastructure and capital-intensity marker late in regular trading.
Bitcoin fell below $60,000 for the first time since October 2024 and was on course for its worst week since November 2022. The report provided a broader speculative-risk backdrop as QQQ was already underperforming SPY.
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