Sep 2, 2026 · QQQ/SPY Market Review · 70 headlines
By 04:00 ET, QQQ was up 0.28% and SPY 0.47%, leaving SPY ahead by 0.19 percentage point. QQQ opened 0.19% below its prior close while SPY was essentially flat, then each added about 0.41 percentage point during regular trading. Softer ADP hiring and Fed inflation signals framed the macro backdrop. Possible new chip tariffs preceded Broadcom's higher AI revenue guidance and Microsoft's Azure disclosure changes after the close. Overnight reports showed Asian LNG at a more than three-year high, only 6 Hormuz passages versus a ten-day average near 13, and U.S. diesel near a record. No fresh public trades were observed after 20:00 ET, so the overnight ETF levels were unchanged.
Published
August ADP private payroll growth of 38,000 missed the 48,000 estimate, while New York Fed President John Williams said tariffs and the Middle East war were keeping inflation above target even as he expected inflation to trend lower.
A report on possible additional semiconductor tariffs preceded Broadcom raising fiscal 2026 AI revenue guidance from $56 billion to $58 billion and Microsoft announcing that it will begin disclosing Azure revenue in fiscal 2027.
Tanker mine strikes kept Hormuz disruption prominent before the open. Overnight, Asian LNG reached $25.908 per million British thermal units, only 6 commodity ships crossed the strait versus a ten-day average near 13, and U.S. diesel reached $5.783 per gallon.
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