Rates and growth
Services surveys showed faster U.S. activity, initial jobless claims were slightly above expectations, and Waller said inflation had shown signs of easing while emphasizing incoming August inflation data.
Sep 3, 2026 · QQQ/SPY Market Review · 70 headlines
Broad session gains leave QQQ 0.11 points ahead as services firm and Nvidia expands
By 04:00 ET, QQQ was up 1.10% and SPY 0.99%, leaving QQQ ahead by 0.11 percentage point. Both opened higher, then QQQ added 0.84 point during regular trading versus SPY's 0.62 and both held most gains after hours. Firm services data and Waller's softer inflation tone framed the macro backdrop. Nvidia's Hugging Face purchase and Microsoft's reorganization led the technology context. Overnight, Micron outlined an HBM expansion, Norway's fund proposed cutting nearly $80 billion of Treasury exposure, Hormuz traffic remained subdued and U.S. diesel reached a record. With no fresh public ETF trades after 20:00 ET, overnight levels were unchanged.
Published
- QQQ
- +1.10%
- SPY
- +0.99%
- QQQ − SPY
- +0.11%
What shaped the session
AI platform expansion
Nvidia agreed to acquire Hugging Face, Microsoft reorganized financial reporting around two AI-focused segments, OpenAI launched GPT-6 Astra, and Tesla began Cybercab operations in Austin.
Overnight AI supply
Micron reportedly planned to add as much as 60,000 wafers per month of HBM capacity by year-end, while Nvidia was reported to be discussing a $2.5 billion investment in Thinking Machines Lab.
Treasury and energy risk
Norway's sovereign fund proposed cutting nearly $80 billion of U.S. Treasury exposure, shipping data showed only 4 commodity vessels crossed Hormuz on Thursday, and AAA put U.S. retail diesel at a record $5.85 per gallon.
Key news
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