Inflation and the rate path
Waller said another hot core inflation reading could require consideration of a near-term rate hike. He also named tariffs, energy prices, and AI buildout demand as sources of upward inflation pressure.
Jul 13, 2026 · QQQ/SPY Market Review · 28 headlines
QQQ ends down 2.06%, 1.16 points behind SPY amid rate warnings and Iran escalation
QQQ opened 1.06% below its previous close and was down 2.06% by 4:00 a.m. ET. SPY moved from -0.32% at the regular open to -0.90%, leaving QQQ 1.16 percentage points behind. Waller said another hot core inflation reading could warrant a near-term rate hike and identified tariffs, energy prices, and AI buildout demand as inflation pressures. Hormuz fee and blockade statements were followed by further military threats and a third night of U.S. strikes. Semiconductor news ranged from TSMC’s 67.9% June revenue growth to a report that Nvidia cut more than half of its Asian AI-chip customers.
Published
- QQQ
- -2.06%
- SPY
- -0.90%
- QQQ − SPY
- -1.16%
What shaped the session
Hormuz and military risk
Trump announced a proposed 20% cargo charge and a renewed blockade. The UN shipping agency disputed the legal basis for mandatory strait fees, and later reports described a Fordow strike threat and a third consecutive night of U.S. strikes.
AI and semiconductor crosscurrents
TSMC reported 67.9% June revenue growth and Meta announced a data-center expansion above $50 billion. Later, Nvidia was reported to have cut more than half of its Asian AI-chip customers amid tighter China-related screening.
Key news
Loading the full-day price curve…