QQQ trails SPY as 4.8% yields, Hormuz strikes and NVIDIA talks frame a premarket-led decline

By 04:00 ET, QQQ was down 1.25% and SPY 0.67%, leaving SPY ahead by 0.58 percentage points. Most of QQQ's decline occurred before the regular open, while the 10-year Treasury yield reached 4.8%, manufacturing signals were mixed, U.S.-Iran strikes and constrained Hormuz traffic kept energy risk prominent, and Dell's AI-server outlook was followed overnight by NVIDIA's reported Hugging Face talks. No fresh public trades were observed after 20:00 ET, so overnight prices were unchanged.