Hot payrolls and the rate path
August payrolls rose by 162,000 versus a 56,000 forecast. September hike odds moved above 60%, and Hammack said inflation remained too high and policy was not restrictive enough.
Sep 4, 2026 · QQQ/SPY Market Review · 43 headlines
QQQ ends flat ahead of falling SPY as hot payrolls hit broad stocks and memory shares hold up
By 04:00 ET, QQQ was little changed at -0.02% while SPY fell 0.48%, leaving QQQ 0.46 percentage point ahead. Hotter payrolls lifted September hike pricing and coincided with lower index futures, while Micron and SanDisk strength helped technology shares hold up. Oil and geopolitical risk stayed prominent as an Iranian tanker near Kharg Island was reported hit overnight.
Published
- QQQ
- -0.02%
- SPY
- -0.48%
- QQQ − SPY
- +0.46%
What shaped the session
Memory strength and AI capital
Micron and SanDisk gained as memory-shortage expectations outweighed rate pressure. Nscale sought up to $3.5 billion of pre-IPO financing, including possible Nvidia support.
Oil and geopolitical risk
Bessent contrasted Brent above $95 with the possibility of $40 oil after the Iran conflict. Overnight, Iranian media reported a missile strike on a tanker near Kharg Island.
Key news
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