Rate-hike pricing and chip pressure build as QQQ reverses lower and trails SPY

QQQ fell 0.67% and SPY fell 0.23%, leaving SPY ahead by 0.44 percentage points after both ETFs peaked at 11:02 ET and reversed lower. Chicago PMI missed at 47.1 versus 57.9, while fed-funds futures priced a September rate hike as more likely than a hold. Nvidia's reported $13 billion Hugging Face bid and broader chip pressure framed QQQ's larger decline. After hours and overnight, Iran maintained shipping restrictions, U.S. Central Command described about 50,000 troops and more than 20 warships in the region, and OpenAI said it would end its Cursor partnership after SpaceX's acquisition.