Jul 7, 2026 · QQQ/SPY Market Review · 26 headlines
QQQ ended 2.18% below its prior close and SPY finished 0.68% lower, leaving QQQ behind by 1.50 percentage points. QQQ opened down 1.19% while SPY opened down 0.14%, and both lost additional ground during regular trading and after hours. DeepSeek's inference-chip development and Samsung's AI SSD production supplied semiconductor context. The May trade deficit widened 42.2% to $77.6 billion, while the New York Fed's one-year inflation expectation rose to 3.7%. Damaged tankers near Hormuz and later U.S. strikes on Iran kept energy and geopolitical risk prominent.
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Reuters reported that DeepSeek was developing an inference chip and speaking with foundries, memory suppliers and chip designers. Samsung later began mass production of a PCIe 6.0 enterprise SSD for Nvidia's Vera Rubin platform.
The May trade deficit widened 42.2% to $77.6 billion, the largest since March 2025. New York Fed one-year inflation expectations rose to 3.7% and three-year expectations to 3.3%. Williams described steady growth and a stable job market while saying inflation remained high.
Reports identified damage to Saudi and Qatari tankers near Hormuz. U.S. Central Command later announced a series of strikes on Iran in response to attacks on commercial shipping.
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