Jul 31, 2026 · QQQ/SPY Market Review · 54 headlines
QQQ gained 0.13% and SPY 0.34%, leaving SPY 0.20 percentage points ahead. QQQ opened 1.33% higher against SPY's 0.44%, then lost ground in regular and after-hours trading. Amazon's cloud beat contrasted with Apple's softer guidance, and Apple's DRAM-cost disclosure appeared near a sharp QQQ-led reversal. The Employment Cost Index beat expectations and dissenting Fed officials favored tighter policy. Conflicting Hormuz claims, possible strikes on Iranian energy assets, and a tanker attack near Oman kept energy risk high. Overnight reports described joint U.S.-Japan yen buying and continued Japan chip shutdowns. Overnight prices were carried, so those updates have no observed ETF response.
Published
Amazon's cloud revenue beat expectations while Apple's revenue guidance missed them. Apple later said surging DRAM costs had forced product price increases, adding pressure to technology-heavy QQQ as it surrendered its opening lead.
The second-quarter Employment Cost Index rose 0.9%, above the 0.8% estimate. Two dissenting Fed officials warned that delaying action on persistent inflation could require more aggressive policy later.
Iran said passage through the Strait of Hormuz had been suspended, while U.S. Central Command denied the waterway was closed. A later report identified Iranian energy facilities as possible strike targets, and an overnight tanker attack near Oman damaged the vessel's engine room.
Reporting described the first joint U.S.-Japan yen purchases in nearly 30 years. South Korea's semiconductor exports jumped 179% from a year earlier, while Japanese plants including Sony, TSMC, and Tokyo Electron facilities remained shut after an earthquake.
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