Official U.S. CPI releaseWed, Jan 15December 2024
QQQ / SPY · Complete month
January 2025
Replay January 2025 through QQQ/SPY closing paths, intraday turns, recurring news themes, and every daily curve.
- Review days
- 31
- Trading days
- 20
- News
- 695
- Recurring news themes
- 6
Jan 1, 2025 — Jan 31, 2025
Monthly performance
QQQ ended at +2.16% and SPY at +2.68% from the previous regular close before the month.
Monthly change runs from the final trading-day close before the month to the final trading-day close of the month. Each point on the chart is a trading-day close.
Sessions worth replaying
Strongest QQQ sessionStrongest SPY session
Core inflation cools as QQQ climbs 2.43% and outpaces SPY
QQQ opened 0.38% above its previous close and finished up 2.43%, while SPY opened 0.35% higher and ended up 1.97%. QQQ led by 0.46 percentage point. The day's evidence centered on softer-than-estimated core CPI, strong bank results, prospective crypto regulation changes, and semiconductor and AI developments.
3 session driversCore inflation cools5 key headlinesUSA Core CPI (YoY) For December 3.2% Vs 3.3% Est.; 3.3% Prior
Regular session · Close 16:00 ET
QQQ+2.27%
SPY+1.82%
Weakest QQQ sessionLargest QQQ–SPY divergence
DeepSeek shock leaves QQQ down 2.82% and trailing SPY
QQQ fell 2.82% and SPY declined 1.45%, leaving the technology-heavy fund 1.37 percentage points behind. Reports that DeepSeek matched leading AI capabilities at lower cost accompanied a broad premarket technology selloff. U.S. new home sales beat expectations and the Dallas Fed manufacturing index rose to 14.1, while Nvidia later called DeepSeek an excellent advance that still required many GPUs. Overnight tariff proposals involving broad imports and Taiwan added a separate policy risk.
3 session driversDeepSeek AI repricing5 key headlinesNvidia, AMD, Broadcom, SMCI and TSMC Slide as Nasdaq 100 Futures Fall More Than 650 Points
Regular session · Close 16:00 ET
QQQ-2.94%
SPY-1.41%
Weakest SPY sessionStrongest intraday rebound
Hot jobs, a 5% long yield and rising inflation expectations accompany a roughly 1.7% QQQ-SPY decline
QQQ ended the period 1.69% below the prior close and SPY fell 1.65%, with SPY ahead by 0.04 percentage points. The sharpest repricing followed the 08:30 ET labor releases: payrolls rose by 256,000 and unemployment fell to 4.1%, while the 30-year Treasury yield subsequently reached 5%. At 10:00 ET, long-term consumer inflation expectations reached their highest level since 2008 and one-year expectations rose to 3.3%. QQQ and SPY fell further over the next 15 minutes. Later sanctions on Russia's energy sector coincided with another, smaller downward move, while the broad indexes remained deeply negative through the close and extended trading.
3 session driversLabor strength and rate repricing5 key headlinesExpress News | In December, the USA non-farm employment number increased by 0.256 million, significantly exceeding market expectations.
Regular session · Close 16:00 ET
QQQ-1.56%
SPY-1.52%
Calmest session
SPY edges higher and leads QQQ amid rate demands and AI policy moves
SPY opened 0.12% below its previous close and finished up 0.43%. QQQ opened down 0.43% and ended up 0.07%, leaving SPY ahead by 0.36 percentage point. Calls for lower rates and a cluster of trade, energy and AI policy statements shared attention with new AI products. The Bank of Japan's rate increase and fresh inflation and services readings arrived overnight.
4 session driversRates and labor data6 key headlinesTrump Says He Will Demand Interest Rates Fall Immediately
Regular session · Close 16:00 ET
QQQ+0.23%
SPY+0.54%
Busiest news day
QQQ ends 0.24% lower alongside labor releases and mixed Fed signals
QQQ opened 0.03% below its prior close and finished down 0.24%. SPY opened 0.01% above its prior close and ended down 0.08%, leaving SPY ahead by 0.16 percentage points. December ADP employment rose by 122,000, below expectations. QQQ rose 0.22% and SPY gained 0.16% over the next 15 minutes, with one nearby headline. Initial claims were 201,000 versus 214,000 expected and 211,000 prior. Fed Governor Christopher Waller said easing inflation could support further rate cuts, while the FOMC minutes signaled a possible pause as policymakers weighed tariff-related inflation risks. Chip headlines included Nvidia and MediaTek's desktop-processor effort and tighter U.S. AI-chip export limits.
3 session driversLabor data6 key headlinesExpress News | In December, the USA ADP employment increased by 0.122 million people, which was below market expectations.
Regular session · Close 16:00 ET
QQQ+0.02%
SPY+0.13%
Recurring news themes
See which themes kept returning during the month and how many review days they appeared in.
01
AI
145 related news items · 29 review days
16.3%+11.7 pp vs prior 3 months
02Tesla
63 related news items · 29 review days
7.1%+2.0 pp vs prior 3 months
03Apple
56 related news items · 28 review days
6.3%+5.3 pp vs prior 3 months
04China
71 related news items · 25 review days
8.0%+0.4 pp vs prior 3 months
05Nvidia
63 related news items · 23 review days
7.1%+3.0 pp vs prior 3 months
06Meta
40 related news items · 23 review days
4.5%+4.5 pp vs prior 3 months
Topic counts are descriptive coverage measures. They do not measure price impact.
CPI
Official event-study dates
All daily reviews
Trading days show QQQ/SPY closing moves alongside the day’s news. Market-closed dates keep their news timelines.
Holiday focus shifts to soft factory data and megacap competition
U.S. markets were closed for New Year's Day, so QQQ and SPY held at Tuesday's carried closes with neither leading. The day's updates instead included weaker manufacturing readings in China and Europe, Nvidia's $1 billion AI investment footprint, BYD's 509,440-vehicle December tally, Apple's China discounting, and two security developments.
3 session driversManufacturing data6 key headlinesReported Earlier, China Caixin Manufacturing Purchasing Managers Index For December 50.5 Vs. 51.6 Est.; 51.5 Prior
Market closed · No intraday price curve
QQQ recovers to a slight gain as SPY ends flat amid factory data and Tesla deliveries
QQQ finished up 0.12% while SPY was essentially flat, leaving QQQ ahead by 0.16 percentage points. Both opened higher, fell sharply during regular trading and recovered after hours and overnight. U.S. labor and manufacturing data, Tesla quarterly deliveries, crude inventories and the net neutrality ruling formed the main context.
4 session driversU.S. data6 key headlinesU.S. Initial Jobless Claims Were 211K, Versus 222K Estimated and 220K Prior
Regular session · Close 16:00 ET
QQQ-0.21%
SPY-0.26%
AI spending joins an improving ISM print while QQQ finishes 0.47 percentage points ahead of SPY
QQQ rose 1.73% and SPY gained 1.27%, leaving the technology-heavy fund ahead by 0.47 percentage points. The ISM manufacturing index improved to 49.3 and beat the 48.2 estimate, although it remained below 50. News also included Biden blocking the $14.9 billion U.S. Steel takeover and fresh AI investment and partnership plans from Microsoft and Alibaba.
4 session driversFactory data6 key headlinesISM Manufacturing PMI For December 49.3 Vs 48.2 Est.; 48.4 Prior
Regular session · Close 16:00 ET
QQQ+1.63%
SPY+1.24%
China phone shipments, Tesla output and Fed caution shape Saturday's news
U.S. markets were closed for the weekend, so QQQ and SPY stayed at Friday's carried closes with neither leading. News centered on a 47.4% year-on-year drop in foreign-brand smartphone shipments in China, Tesla Shanghai's first annual shipment decline of 3%, and Fed Governor Kugler's case for a slower, data-dependent policy path.
3 session driversChina smartphone demand3 key headlinesForeign-brand Smartphone Shipments in China Plunged 47% Year on Year
Market closed · No intraday price curve
Sunday brings Fed caution, AI supply shifts and services data
U.S. markets were closed for the weekend, leaving QQQ and SPY at Friday's carried closes. News centered on the Fed's unfinished inflation fight, Foxconn's 42% December sales increase, Microsoft's pause on part of a $3.3 billion data center project, and diverging services data from China and Japan.
4 session driversFed inflation path6 key headlinesTwo Fed Officials Say the Inflation Fight Is Not Yet Won
Market closed · No intraday price curve
QQQ leads a broad advance as tariff headlines reverse and AI hardware stays in focus
QQQ rose 1.21% and SPY gained 0.61%, leaving QQQ ahead by 0.60 percentage points. Shifting tariff reports, Fed caution on rate cuts and AMD's CES AI PC launch framed a technology-led advance.
3 session driversTariff policy4 key headlinesExpress News | Trump: Reports regarding the imposition of general tariffs on key imported Commodities are inaccurate.
Regular session · Close 16:00 ET
QQQ+1.15%
SPY+0.58%
Services prices, job openings and policy headlines frame a 1.57% QQQ decline
QQQ opened down 0.02% and ended down 1.57%. SPY opened up 0.13% and ended down 0.99%. SPY led by 0.59 percentage points. During the regular session, QQQ fell 1.47 percentage points and SPY declined 1.01 percentage points. December ISM non-manufacturing prices reached 64.4 versus a 57.5 estimate, the headline PMI was 54.1 versus 53.5 expected, and November JOLTS openings were 8.098 million versus 7.730 million estimated. Over the next 15 minutes, QQQ fell 0.60% and SPY declined 0.55%, with three nearby headlines. Other developments included Meta's content-policy overhaul, a planned 20 billion dollar data-center investment, Nvidia's Blackwell update, and proposed tariffs on Mexico and Canada.
3 session driversServices and labor data6 key headlinesUSA ISM Non-Manufacturing Prices For December 64.4 Vs 57.5 Est.; 58.2 Prior
Regular session · Close 16:00 ET
QQQ-1.79%
SPY-1.12%
QQQ ends 0.24% lower alongside labor releases and mixed Fed signals
QQQ opened 0.03% below its prior close and finished down 0.24%. SPY opened 0.01% above its prior close and ended down 0.08%, leaving SPY ahead by 0.16 percentage points. December ADP employment rose by 122,000, below expectations. QQQ rose 0.22% and SPY gained 0.16% over the next 15 minutes, with one nearby headline. Initial claims were 201,000 versus 214,000 expected and 211,000 prior. Fed Governor Christopher Waller said easing inflation could support further rate cuts, while the FOMC minutes signaled a possible pause as policymakers weighed tariff-related inflation risks. Chip headlines included Nvidia and MediaTek's desktop-processor effort and tighter U.S. AI-chip export limits.
3 session driversLabor data6 key headlinesExpress News | In December, the USA ADP employment increased by 0.122 million people, which was below market expectations.
Regular session · Close 16:00 ET
QQQ+0.02%
SPY+0.13%
Bowman's inflation warning meets TSMC growth and Nvidia's Dutch AI project
U.S. equities were closed, leaving QQQ and SPY without a session move. Fed Governor Michelle Bowman said inflation risks remained elevated and progress had stalled, while Boston Fed President Susan Collins expected fewer rate cuts in 2025 because employment remained strong and inflation persisted. U.S. consumer credit fell by $7.5 billion in November and revolving debt fell by $13.8 billion. The Netherlands signed a €204.5 million AI-facility agreement with Nvidia, and Taiwan Semiconductor reported December 2024 revenue growth of 57.8%.
3 session driversFed policy caution5 key headlinesFederal Reserve's Collins: The number of interest rate cuts in 2025 will be lower than previously expected.
Market closed · No intraday price curve
Hot jobs, a 5% long yield and rising inflation expectations accompany a roughly 1.7% QQQ-SPY decline
QQQ ended the period 1.69% below the prior close and SPY fell 1.65%, with SPY ahead by 0.04 percentage points. The sharpest repricing followed the 08:30 ET labor releases: payrolls rose by 256,000 and unemployment fell to 4.1%, while the 30-year Treasury yield subsequently reached 5%. At 10:00 ET, long-term consumer inflation expectations reached their highest level since 2008 and one-year expectations rose to 3.3%. QQQ and SPY fell further over the next 15 minutes. Later sanctions on Russia's energy sector coincided with another, smaller downward move, while the broad indexes remained deeply negative through the close and extended trading.
3 session driversLabor strength and rate repricing5 key headlinesExpress News | In December, the USA non-farm employment number increased by 0.256 million, significantly exceeding market expectations.
Regular session · Close 16:00 ET
QQQ-1.56%
SPY-1.52%
Saturday's closed-market flow spans tech policy, Apple demand and Gaza diplomacy
U.S. markets were closed, so QQQ and SPY carried Friday's closes of $508.95 and $582.10 and stayed essentially flat. Weekend news centered on technology companies' ties with Washington, contrasting Apple demand and Tesla robot plans, and a push for a Gaza ceasefire before Trump's inauguration.
3 session driversTech and government relations5 key headlinesTrump's Envoy Presses Netanyahu for Gaza Deal: Can Ceasefire Push Succeed Before Inauguration?
Market closed · No intraday price curve
Robotics, chip production and trade risks lead closed-market headlines
U.S. markets were closed, leaving QQQ at $508.95 and SPY at $582.10 with no session move. Weekend and early-Monday news highlighted OpenAI's robotics hiring and in-house hardware plans, TSMC's U.S. 4nm production, China's cross-border financing adjustment, and fresh trade tensions involving Canada and shipbuilding.
3 session driversRobotics and chip production5 key headlinesOpenAI Expands Its Robotics Team and Plans In-House Sensors
Market closed · No intraday price curve
Opening losses turn into gains alongside chip restrictions and tariff proposals
QQQ opened 0.97% below its previous close and finished up 0.20%, while SPY recovered from a 0.65% opening gap to end 0.47% higher, leading by 0.27 percentage point. The day's evidence centered on U.S. AI-chip export restrictions and Nvidia's response, direct labor and inflation-expectation readings, reported Blackwell rack faults, and a proposal for gradual tariff increases.
3 session driversWeak open, recovery and macro data5 key headlinesSemiconductor Shares Fall After U.S. AI-Diffusion Rule Limits Chip Orders
Regular session · Close 16:00 ET
QQQ-0.31%
SPY+0.18%
Cooler producer prices meet tariff signals as SPY edges ahead
QQQ opened 0.10% above its previous close and finished up 0.07%, while SPY opened 0.06% higher and ended up 0.22%, leading by 0.15 percentage point. The day's evidence centered on below-estimate December producer prices, Federal Reserve comments on tariff risks, Trump's proposed External Revenue Service, Apple chip verification in Arizona, and Tesla Model Y reservations in China.
3 session driversProducer prices below estimates5 key headlinesUSA PPI (MoM) For December 0.2% Vs 0.4% Est.; 0.4% Prior
Regular session · Close 16:00 ET
QQQ-0.09%
SPY+0.14%
Core inflation cools as QQQ climbs 2.43% and outpaces SPY
QQQ opened 0.38% above its previous close and finished up 2.43%, while SPY opened 0.35% higher and ended up 1.97%. QQQ led by 0.46 percentage point. The day's evidence centered on softer-than-estimated core CPI, strong bank results, prospective crypto regulation changes, and semiconductor and AI developments.
3 session driversCore inflation cools5 key headlinesUSA Core CPI (YoY) For December 3.2% Vs 3.3% Est.; 3.3% Prior
Regular session · Close 16:00 ET
QQQ+2.27%
SPY+1.82%
Retail sales and Waller's rate-cut outlook frame a reversal that leaves QQQ behind SPY
QQQ opened 0.16% above its previous close but finished down 0.74%. SPY opened 0.07% higher and ended down 0.21%, leading QQQ by 0.52 percentage point. The day's evidence included mixed retail-sales and jobless-claims data, Waller's conditional rate-cut outlook, and later technology-sector regulatory and earnings signals.
2 session driversMixed growth and rate signals5 key headlinesU.S. December Retail Sales Rose 0.4% Month Over Month, Below the 0.6% Estimate
Regular session · Close 16:00 ET
QQQ-0.70%
SPY-0.18%
Firm housing data and a TikTok ruling accompany QQQ's 1.72% advance
QQQ opened 0.97% above its previous close and finished up 1.72%. SPY opened 0.64% higher and ended up 1.02%, leaving QQQ ahead by 0.70 percentage point. The day's evidence included stronger-than-expected housing starts and industrial production, a Supreme Court decision on TikTok, and later technology and fiscal-policy updates.
3 session driversHousing and industrial strength5 key headlinesU.S. December Housing Starts 1.499M vs 1.330M Estimate; Prior Revised 1.289M to 1.294M
Regular session · Close 16:00 ET
QQQ+1.69%
SPY+1.00%
TikTok goes dark in the U.S. during Saturday's market closure
U.S. markets were closed, leaving QQQ at $522.24 and SPY at $598.24 with no session move. The main weekend development was TikTok stopping U.S. service and disappearing from the Apple and Google app stores.
1 session driverTikTok service shutdown1 key headlineTikTok Stops U.S. Service and Is Removed From Apple and Google App Stores
Market closed · No intraday price curve
Executive-order plans and TikTok bids frame Sunday's market closure
U.S. markets were closed, leaving QQQ at $522.24 and SPY at $598.24 with no session move. Weekend headlines centered on a broad incoming executive-order package, border and energy emergency plans, support for large AI facilities, and competing responses to TikTok's U.S. disruption. Apple's planned U.S. investment, the Gaza ceasefire, and crypto-token volatility added company and risk context.
4 session driversIncoming executive agenda6 key headlinesTrump Executive Orders Reportedly Include Border and Energy National Emergencies
Market closed · No intraday price curve
Tariff signals, first executive actions and a Taiwan quake shape holiday headlines
U.S. markets were closed for Martin Luther King Jr. Day, leaving QQQ at $522.24 and SPY at $598.24 with no session move. Policy headlines moved from a report of no immediate new tariffs to consideration of 25% tariffs on Mexico and Canada, while first-day executive actions covered energy, manufacturing, border security and a 75-day TikTok reprieve. A Taiwan earthquake halted TSMC production, and updates from X, Apple and OpenAI added technology context.
4 session driversTariff policy signals6 key headlinesTrump Says He Is Considering 25% Tariffs on Mexico and Canada
Market closed · No intraday price curve
Policy shifts and AI investment accompany nearly even 1.13% gains
QQQ opened 0.44% above its previous close, briefly fell below it during the session, and finished up 1.13%. SPY opened 0.37% higher and also ended up 1.13%, edging QQQ by 0.01 percentage point. Executive-policy changes and semiconductor developments filled the session, while the Stargate AI plan and discussion of a China tariff shaped the evening news flow.
4 session driversExecutive-policy reset6 key headlinesTrump Declares National Energy Emergency and Backs Expanded Drilling
Regular session · Close 16:00 ET
QQQ+0.56%
SPY+0.89%
QQQ outpaces SPY as AI funding and chip signals crowd the session
QQQ opened 0.93% above its previous close and finished up 1.06%. SPY opened 0.50% higher and ended up 0.47%, leaving QQQ ahead by 0.59 percentage point. AI chip spending, data-center financing and semiconductor updates filled the session, alongside new Russia tariff threats and overnight U.S. investment plans from Saudi Arabia.
4 session driversAI capital and infrastructure6 key headlinesByteDance Sets Aside $12 Billion for AI Chips This Year
Regular session · Close 16:00 ET
QQQ+1.28%
SPY+0.55%
SPY edges higher and leads QQQ amid rate demands and AI policy moves
SPY opened 0.12% below its previous close and finished up 0.43%. QQQ opened down 0.43% and ended up 0.07%, leaving SPY ahead by 0.36 percentage point. Calls for lower rates and a cluster of trade, energy and AI policy statements shared attention with new AI products. The Bank of Japan's rate increase and fresh inflation and services readings arrived overnight.
4 session driversRates and labor data6 key headlinesTrump Says He Will Demand Interest Rates Fall Immediately
Regular session · Close 16:00 ET
QQQ+0.23%
SPY+0.54%
Softer U.S. readings accompany QQQ's 0.70% decline
QQQ opened 0.05% below its previous close and finished down 0.70%. SPY opened 0.12% lower and ended down 0.37%, leaving QQQ behind by 0.33 percentage point. U.S. services activity and consumer sentiment came in below forecasts, while manufacturing PMI and existing-home sales exceeded estimates. Meta's $60-65 billion capital-spending plan kept AI infrastructure in focus alongside policy changes at the SEC and Energy Department.
3 session driversMixed U.S. data5 key headlinesZuckerberg Says ~1GW Compute in 25, 1.3 Million GPUs and $60-65B Capex
Regular session · Close 16:00 ET
QQQ-0.56%
SPY-0.30%
DeepSeek spreads as Canada trade risk rises during Saturday closure
U.S. markets were closed on Saturday, leaving QQQ at $528.71 and SPY at $607.38 with no session move. DeepSeek's R1 spread across U.S. media as research groups reported low-cost replications. Ontario threatened economic retaliation if new U.S. measures target Canada. Google, Amazon and Tesla outlined AI education, streaming and product-rollout plans, while banks prepared to sell billions of dollars of X-related loans.
4 session driversDeepSeek momentum6 key headlinesDeepSeek Surges Into U.S. AI Debate After R1 Release
Market closed · No intraday price curve
Colombia tariff reversal, China PMIs and DeepSeek reshape Sunday headlines
U.S. markets were closed Sunday, leaving QQQ at $528.71 and SPY at $607.38 with no session move. A deportation-flight dispute produced a 25% U.S. tariff announcement and a Colombian 50% counterthreat before an agreement led Trump to withdraw his own 50% threat. DeepSeek topped Apple's U.S. free-app chart, Meta formed teams to study its methods, and Nvidia fell 3.12% overnight as GPU-spending doubts spread. China's January manufacturing PMI fell to 49.1, while composite and non-manufacturing readings were both 50.2. Perplexity also proposed a TikTok U.S. merger structure involving a 50% government stake through a $300 billion IPO.
4 session driversColombia tariff reversal6 key headlinesTrump Announces 25% Colombia Tariff After Deportation-Flight Dispute
Market closed · No intraday price curve
DeepSeek shock leaves QQQ down 2.82% and trailing SPY
QQQ fell 2.82% and SPY declined 1.45%, leaving the technology-heavy fund 1.37 percentage points behind. Reports that DeepSeek matched leading AI capabilities at lower cost accompanied a broad premarket technology selloff. U.S. new home sales beat expectations and the Dallas Fed manufacturing index rose to 14.1, while Nvidia later called DeepSeek an excellent advance that still required many GPUs. Overnight tariff proposals involving broad imports and Taiwan added a separate policy risk.
3 session driversDeepSeek AI repricing5 key headlinesNvidia, AMD, Broadcom, SMCI and TSMC Slide as Nasdaq 100 Futures Fall More Than 650 Points
Regular session · Close 16:00 ET
QQQ-2.94%
SPY-1.41%
AI launches and softer U.S. data frame QQQ's 1.44% rebound
QQQ rose 1.44% and SPY gained 0.79%, leaving the technology-heavy fund ahead by 0.66 percentage points. The main advance came during regular trading, while both funds gave back part of their gains after the close. December durable-goods orders fell 2.2% against an expected 0.3% increase, and January consumer confidence slipped to 104.1 versus 105.7 expected. Alibaba's Qwen launch broadened the AI-product race, while a federal spending freeze and White House national-security scrutiny of DeepSeek added policy risk. Overnight ASML results beat estimates.
3 session driversTechnology rebound context6 key headlinesCB Consumer Confidence for January at 104.1 vs. 105.7 Estimate; 104.7 Prior
Regular session · Close 16:00 ET
QQQ+1.49%
SPY+0.85%
Fed rate hold and megacap results: QQQ edges up as SPY slips
QQQ edged up 0.05% while SPY fell 0.24%, leaving QQQ ahead by 0.29 percentage points through the following overnight session. The Fed held its policy range at 4.25%-4.50% and omitted earlier language on inflation progress. After the close, Microsoft beat overall earnings and sales estimates but its cloud revenue missed expectations. Tesla missed earnings and sales estimates, while Meta beat quarterly estimates. Officials discussed tighter restrictions on Nvidia sales to China. An earlier report of a federal-aid freeze reversal was later clarified as withdrawal of the OMB memo, not the underlying policy.
3 session driversFed hold and statement6 key headlinesExpress News | The Federal Reserve has maintained the benchmark interest rate at 4.25%-4.50%, which aligns with market expectations.
Regular session · Close 16:00 ET
QQQ-0.20%
SPY-0.45%
QQQ and SPY gain amid softer GDP and a 25% tariff pledge
QQQ gained 0.84% and SPY rose 0.68% through the following overnight session, leaving QQQ ahead by 0.16 percentage points. U.S. Q4 advance GDP grew 2.3% annualized versus 2.6% expected. initial jobless claims were 207,000 versus 220,000 forecast, and Q4 core PCE prices rose 2.5% as expected. Trump said he would impose 25% tariffs on Canada and Mexico, a prospective statement. After the close, Intel beat Q4 estimates but gave weaker Q1 guidance. Apple beat fiscal Q1 EPS and sales estimates, while Greater China revenue fell 11% year over year.
3 session driversGrowth and labor data6 key headlinesU.S. Q4 Advance GDP Growth Slows to 2.3% Annualized
Regular session · Close 16:00 ET
QQQ+0.44%
SPY+0.53%
In-line PCE and firmer tariff plans frame QQQ’s 0.69% decline
QQQ opened 0.82% higher and SPY 0.42% higher, then finished the following overnight session down 0.69% and 1.00% respectively. QQQ led SPY by 0.31 percentage points. December core PCE inflation was 2.8% year over year as expected, while personal spending rose 0.7% month over month versus 0.5% estimated. The White House maintained a February 1 deadline for planned 25% tariffs on Mexico and Canada and 10% on China. Trump also outlined prospective tariffs on chips, oil and gas. Apple reportedly canceled a Mac-connected AR glasses project, and OpenAI launched o3-mini after the close.
3 session driversInflation and household spending6 key headlinesUS Core PCE Price Index (YoY) (Dec) +2.8% Vs +2.8% Est.; Prior +2.8%
Regular session · Close 16:00 ET
QQQ-0.15%
SPY-0.54%