QQQ sinks 1.16% while SPY holds near flat amid chip pricing and Gulf risk

QQQ finished 1.16% lower while SPY was little changed with a 0.07% gain, leaving QQQ 1.23 percentage points behind. Business-activity data, semiconductor pricing and AI releases, and Iran-related military and shipping developments supplied the session's main context.

Published Aug 1, 2026

QQQ: -1.16%
SPY: +0.07%
QQQ − SPY: -1.23%

What shaped the session

Relative gap and business data

QQQ lost 1.16% while SPY edged up 0.07%, producing a 1.23-point relative gap. The July composite PMI rose to 53.6 from 51.9, while manufacturing PMI came in at 53.8 against a 54.4 estimate.

Semiconductor pricing and AI releases

Qualcomm told customers that prices would rise by double digits. Anthropic introduced Claude Opus 5, while 25 technology companies backed open-weight AI models in a joint letter.

Iran and shipping risk

Iran's top joint military commander issued a direct retaliation threat, and a U.S. strike on an LPG tanker reportedly killed two crew members.

Key news

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←Jul 23:Chip, Iran and tariff developments crowd the tape as QQQ falls 1.67%·View all July 2026 QQQ/SPY reviews·Jul 25:Strike pause and shipping disruption reshape Saturday's Gulf risk→