Macro data and Fed signals
May PCE inflation was reported at 4.1% year over year with core PCE at 3.4%. The May goods-trade deficit widened to $105.80 billion, and Kashkari projected one rate increase this year.
Jun 26, 2026 · QQQ/SPY Market Review · 36 headlines
Inflation and tariff tension accompany QQQ's 1.45% decline and SPY's 1.03-point lead
QQQ opened 1.38% below its prior close and finished down 1.45%. SPY opened 0.76% lower and ended down 0.42%, leaving SPY ahead by 1.03 percentage points. Persistent inflation and Fed signals, a wider goods-trade deficit, the digital-tax tariff dispute, AI releases, and renewed Hormuz tension formed the main context.
Published
- QQQ
- -1.45%
- SPY
- -0.42%
- QQQ − SPY
- -1.03%
What shaped the session
Digital-tax tariff dispute
Trump threatened 100% tariffs on countries that impose a digital-services tax. The European Commission responded that the EU may regulate economic activity within its territory and that its taxes are nondiscriminatory.
AI and technology updates
The day's technology news included local restrictions on AI data centers, Apple's M7 roadmap, and OpenAI's limited release of the GPT-5.6 model series.
Hormuz escalation
Iranian drones targeted ships in the Strait of Hormuz. U.S. Central Command later reported strikes on Iran, followed by an overnight report of Iranian retaliation against U.S. military positions.
Key news
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