Inflation and rate path
July core goods prices rose 0.20% after two monthly declines, while shelter rose 0.14% and core services excluding shelter rose 0.19%. Both ETFs added modestly in the 15 minutes after the detailed figures were published.
Aug 12, 2026 · QQQ/SPY Market Review · 51 headlines
CPI detail and 98%-99% TSMC CoWoS yields accompany QQQ's 0.35-point edge after gains narrow
QQQ and SPY stayed above their prior closes after giving back much of their opening gains. By 04:00 ET, QQQ was up 0.57% and SPY was up 0.23%, leaving QQQ ahead by 0.35 percentage points. July inflation detail, CoreWeave pricing and a large U.S. crude-inventory build framed regular trading, while later updates added 98%-99% CoWoS production yields and Maersk's view that port congestion, rather than the Strait of Hormuz, was driving high freight rates.
Published
- QQQ
- +0.57%
- SPY
- +0.23%
- QQQ − SPY
- +0.35%
What shaped the session
AI compute demand and capacity
CoreWeave raised AI-compute prices by 25% while customers continued to queue. Later, TSMC said production yields for some CoWoS AI-packaging products had reached 98%-99%, adding a manufacturing-capacity measure to the demand picture.
Energy supply and shipping
U.S. crude inventories rose 17.423 million barrels against an expected 1.7 million-barrel draw, while Iran said the Strait of Hormuz remained blocked. Maersk later attributed high freight rates to port congestion rather than the strait, sharpening the distinction between oil-route risk and current shipping costs.
Key news
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