Factory strength
July ISM manufacturing PMI reached 55.6, above 54 expected and 53.3 previously. QQQ and SPY had already made most of their nearby advance before the 10:00 ET release.
Aug 3, 2026 · QQQ/SPY Market Review · 54 headlines
QQQ gains 2% and leads SPY as factory and AI strength gives way to overnight Hormuz risk
QQQ rose 2.01% and SPY gained 1.51%, leaving QQQ ahead by 0.49 percentage points after it reversed a 0.16% opening dip. July ISM factory strength, the White House AI-framework report and Palantir’s higher revenue outlook accompanied the regular-session and after-hours advance. After 20:00 ET, carried prices stayed unchanged while reports described a cargo-ship attack, explosions around a U.S. base in Kuwait and later Iran-Oman navigation talks.
Published
- QQQ
- +2.01%
- SPY
- +1.51%
- QQQ − SPY
- +0.49%
What shaped the session
AI policy and earnings
The White House AI-framework report appeared while QQQ was extending its regular-session lead. Palantir then raised its full-year revenue outlook after the close.
Hormuz security and navigation
A cargo-ship attack near Khasab was followed overnight by a preliminary report of an attack on a U.S. base in Kuwait and later reports that Iran and Oman were nearing a navigation agreement.
Key news
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