Rates and growth
Chicago PMI fell to 47.1 against 57.8 expected, while the 10-year Treasury yield moved above 4.75% during a session in which QQQ recovered more than SPY.
Aug 31, 2026 · QQQ/SPY Market Review · 61 headlines
QQQ recovers to flat and leads SPY as 10-year yields top 4.75% and Hormuz traffic thins
QQQ recovered from a 0.04% soft open to finish essentially flat at +0.04%, while SPY remained down 0.24%, leaving QQQ ahead by 0.28 percentage points. The day combined a sharp Chicago PMI miss and higher Treasury yields with continuing Hormuz shipping stress, Nvidia's MediaTek investment, and overnight signs of tight AI-memory capacity.
Published
- QQQ
- +0.04%
- SPY
- -0.24%
- QQQ − SPY
- +0.28%
What shaped the session
Hormuz energy flows
A tanker reported an attack while exiting Hormuz, and later Kpler data showed about five vessels crossed the strait, below the roughly 14-vessel ten-day average, with no oil tankers counted.
AI capital and capacity
Nvidia announced a $3.5B MediaTek investment and wider collaboration, while Samsung reportedly allocated about 70% of memory capacity through 2031 to long-term agreements amid AI demand.
Key news
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