Long-yield pressure
A global bond selloff lifted the U.S. 10-year Treasury yield to its highest level since early 2025 amid inflation concern and heavy corporate-bond supply.
Aug 18, 2026 · QQQ/SPY Market Review · 66 headlines
QQQ drops 1.88% and trails SPY by 1.15 points before tariff and H200 relief overnight
By 04:00 ET, QQQ was down 1.88% and SPY 0.73% after both opened lower, leaving SPY ahead by 1.15 percentage points. The U.S. 10-year Treasury yield reached its highest since early 2025, July housing starts and pending home sales missed estimates, and Trump said no talks with Iran were scheduled. Overnight, Trump paused planned 50% tariffs on Canada for three days and the Financial Times reported that China eased limits on Nvidia H200 chips.
Published
- QQQ
- -1.88%
- SPY
- -0.73%
- QQQ − SPY
- -1.15%
What shaped the session
Housing activity misses
July housing starts registered 1.239 million versus a 1.340 million estimate, while pending home sales fell 2.3% month over month versus a 0.1% gain expected.
Hormuz diplomacy uncertainty
Trump said no talks with Iran were under way or scheduled and that the naval blockade remained in force, keeping the status of diplomacy and Strait traffic in focus.
Overnight policy relief
Trump paused planned 50% tariffs on Canada for three days, while the Financial Times reported that China eased restrictions on Nvidia H200 chips.
Key news
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