Fed policy and inflation
The FOMC raised rates for the first time in three years, lifted its 2026 median PCE inflation forecast to 3.7%, and Chair Warsh said policymakers were not convinced inflation was moving toward target.
Sep 16, 2026 · QQQ/SPY Market Review · 86 headlines
Fed hike leaves QQQ up 0.70% and SPY flat as Russia sanctions and Hormuz traffic add energy risk
QQQ gained 0.70% and led SPY by 0.70 percentage point, while SPY was essentially flat. Both rose early, fell during regular trading around the Fed's first rate increase in three years and firm inflation projections, then recovered after hours. Strong retail sales and Apple-Nvidia server plans framed the growth side. The House's Russia sanctions bill and an overnight drop in Hormuz commercial traffic to 3 vessels extended the energy and geopolitical risks.
Published
- QQQ
- +0.70%
- SPY
- -0.00%
- QQQ − SPY
- +0.70%
What shaped the session
Consumer resilience
August retail sales rose 1.2% from a year earlier after July was revised to a 0.5% decline, showing that household demand remained resilient despite elevated inflation.
AI infrastructure
Apple was reported to be developing enterprise servers that may use Nvidia networking, while lenders raised $22 billion for chip loans tied to Blackstone and Alphabet.
Energy and geopolitical pressure
The U.S. House passed a Russia sanctions and tariffs bill, while commercial traffic through the Strait of Hormuz fell to 3 vessels from 12 the previous day and roughly 17 on average over the prior ten days.
Key news
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