Official U.S. CPI releaseTue, May 13April 2025
QQQ / SPY · Complete month
May 2025
Replay May 2025 through QQQ/SPY closing paths, intraday turns, recurring news themes, and every daily curve.
- Review days
- 31
- Trading days
- 21
- News
- 838
- Recurring news themes
- 6
May 1, 2025 — May 31, 2025
Monthly performance
QQQ ended at +9.18% and SPY at +6.30% 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
Tariff relief lifts QQQ 3.86% and SPY 3.15%, with tech ahead
QQQ rose 3.86% and SPY gained 3.15%, leaving QQQ ahead by 0.71 percentage points. The 90-day U.S.-China tariff reduction framed the session, while Kugler's inflation-growth warning, the drug-price executive order, and a possible G42 chip sale added policy and technology context.
3 session driversTariff relief and costs5 key headlinesU.S. and China cut reciprocal tariffs from 125% to 10% for 90 days while the U.S. retains 20% fentanyl-linked duties
Regular session · Close 16:00 ET
QQQ+4.06%
SPY+3.28%
Weakest QQQ sessionWeakest SPY session
Treasury stress and chip curbs accompany a 1.64% SPY slide
QQQ opened 0.77% lower and finished down 1.41%, while SPY opened 0.74% lower and closed down 1.64%. Fiscal and Treasury-market concerns remained prominent. IMF officials called for the U.S. to reduce its deficit, and TLT reached a six-month low after a weak Treasury auction. Technology headlines included reports that the U.S. would maintain China chip restrictions and that OpenAI would buy Jony Ive's io Products for $6.5 billion. After the session, the EU reportedly proposed selective tariff elimination and joint investment in U.S. trade talks.
3 session driversFiscal and Treasury pressure5 key headlinesTrump's major tax cuts have raised concerns, with IMF officials calling for the U.S. to reduce its fiscal deficit!
Regular session · Close 16:00 ET
QQQ-1.39%
SPY-1.67%
Largest QQQ–SPY divergence
Softer CPI and Saudi AI deals frame gains as QQQ rises 1.64% and outpaces SPY
QQQ rose 1.64% and SPY gained 0.73%, leaving QQQ ahead by 0.91 percentage points. Most of the advance developed during regular trading. Softer April CPI readings and a cluster of Saudi investment, AI-compute, and chip agreements provided the main macro and technology context, while the planned removal of U.S. sanctions on Syria added a geopolitical policy shift.
3 session driversSofter inflation data5 key headlinesExpress News | US Apr. CPI YoY +2.3% Vs +2.4% Forecast, Prior +2.4%
Regular session · Close 16:00 ET
QQQ+1.52%
SPY+0.66%
Strongest intraday rebound
Cooling inflation and China restrictions precede a rebound before both ETFs close 0.28% lower
QQQ finished down 0.28% and SPY lost 0.28%, leaving their relative performance essentially even. Both opened slightly lower, fell as much as 1.49% for QQQ and 1.00% for SPY during regular trading, and recovered close to flat before weakening after hours. April headline PCE inflation eased to 2.10% and core PCE slowed to 2.50%. Chicago business activity missed estimates while Michigan consumer sentiment beat them. U.S. plans to widen restrictions on Chinese technology subsidiaries kept trade friction in focus, and Trump later announced a 50% steel tariff overnight.
4 session driversCooling inflation6 key headlinesExpress News | US Apr. Core PCE Price Index YoY +2.50% Vs +2.50% Forecast, Prior +2.70%
Regular session · Close 16:00 ET
QQQ-0.15%
SPY-0.10%
Calmest session
QQQ gains 0.50% while SPY slips 0.12% amid AI and trade-policy developments
QQQ gained 0.50% while SPY slipped 0.12%, leaving QQQ ahead by 0.62 percentage points. Saudi AI investment, possible changes to chip-export rules and Cisco's infrastructure orders highlighted technology demand. U.S.-China tariff adjustments and small-package policy changes shaped the trade backdrop, while META faced a new European privacy challenge.
3 session driversAI investment and demand6 key headlinesMohammed Bin Salman Launches Saudi AI Firm 'Humain' Led By Ex-Aramco Digital CEO As Trump Hails 'Golden Era' With $600 Billion In US Deals
Regular session · Close 16:00 ET
QQQ+0.60%
SPY+0.12%
Busiest news day
Deep opening losses unwind as QQQ and SPY finish nearly flat
QQQ and SPY opened 1.32% and 1.00% lower, then recovered to finish nearly flat, with QQQ up 0.02% and SPY down 0.02%. Energy policy, geopolitical developments, Canada-U.S. tariff talks, and AMD's earnings release provided the day's main news context as both funds advanced after the regular close.
3 session driversOpening losses recovered4 key headlines'EU Commission Says Will Propose In June To Phase Out All Remaining Russian Gas And LNG Imports By End-2027; Will Propose In June Halting Russian Gas And LNG Imports Under Long-Te…
Regular session · Close 16:00 ET
QQQ-0.93%
SPY-0.84%
Recurring news themes
See which themes kept returning during the month and how many review days they appeared in.
01
Tariffs
168 related news items · 29 review days
14.7%-0.7 pp vs prior 3 months
02China
106 related news items · 28 review days
9.3%+0.3 pp vs prior 3 months
03Apple
55 related news items · 27 review days
4.8%+0.2 pp vs prior 3 months
04AI
151 related news items · 26 review days
13.2%+0.4 pp vs prior 3 months
05Semiconductors
94 related news items · 25 review days
8.2%-0.1 pp vs prior 3 months
06Nvidia
67 related news items · 24 review days
5.9%+1.4 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.
QQQ and SPY hold gains as a strong open fades late
QQQ finished up 0.74% and SPY rose 0.48%, with QQQ leading by 0.27 percentage points after both opened more strongly. Manufacturing and labor data, quantified tariff costs, and megacap earnings updates framed a session that lost momentum late.
3 session driversManufacturing and labor data5 key headlinesUSA ISM Manufacturing PMI For April 48.7 Vs 48.0 Est.; 49.0 Prior
Regular session · Close 16:00 ET
QQQ+1.20%
SPY+0.71%
Jobs data and policy headlines frame a broad 1.5% rise
QQQ rose 1.50% and SPY gained 1.50%, leaving the two ETFs virtually tied after opening up 1.00% and 1.11%. Stronger-than-expected U.S. payroll growth, European data, energy-supply headlines, and technology policy and product developments framed the session. Both ETFs reached their highs near 14:38 ET before finishing below those peaks.
3 session driversJobs and growth data6 key headlinesExpress News | US Apr. Non-Farm Payrolls +177000 Vs +130000 Forecast, Prior +185000; US Apr. Unemployment Rate 4.2% Vs 4.2% Forecast, Prior 4.2%
Regular session · Close 16:00 ET
QQQ+1.49%
SPY+1.46%
Buffett warnings and Apple roadmap news shape Saturday context
U.S. markets were closed Saturday. Buffett's warnings on tariffs and the U.S. dollar, Microsoft's move above Apple in market value, Apple's reported iPhone roadmap, and record April retail dip buying supplied context for the next session.
3 session driversTrade and currency policy5 key headlinesWho bought the dip in U.S. stocks in April? Retail investors and public funds bought while hedge funds and CTAs remained cautious
Market closed · No intraday price curve
Fed, trade and technology headlines set Sunday context
U.S. markets were closed Sunday. Fed leadership, OPEC+ supply, film tariffs, TikTok policy and Apple's iPhone release plan supplied context ahead of the next session.
4 session driversFed leadership5 key headlinesTrump plans a 100% tariff on foreign-produced films as U.S. stock futures fall
Market closed · No intraday price curve
Services data and tariff shifts accompany a lower close
QQQ and SPY opened lower and finished down 0.86% and 0.70%, respectively, with QQQ lagging. Mixed U.S. services readings, tariff developments involving Temu and India, and platform and investor-activity updates shaped the day's context.
3 session driversMixed services data6 key headlinesUSA S&P Global Services PMI For April 50.8 Vs 51.4 Est.; 54.4 Prior
Regular session · Close 16:00 ET
QQQ-0.59%
SPY-0.57%
Deep opening losses unwind as QQQ and SPY finish nearly flat
QQQ and SPY opened 1.32% and 1.00% lower, then recovered to finish nearly flat, with QQQ up 0.02% and SPY down 0.02%. Energy policy, geopolitical developments, Canada-U.S. tariff talks, and AMD's earnings release provided the day's main news context as both funds advanced after the regular close.
3 session driversOpening losses recovered4 key headlines'EU Commission Says Will Propose In June To Phase Out All Remaining Russian Gas And LNG Imports By End-2027; Will Propose In June Halting Russian Gas And LNG Imports Under Long-Te…
Regular session · Close 16:00 ET
QQQ-0.93%
SPY-0.84%
QQQ and SPY erase an afternoon slide to finish about 0.4% higher
QQQ and SPY opened 0.14% and 0.24% higher, fell to afternoon lows of 0.90% and 0.42% below the prior close, then recovered to finish up 0.41% and 0.40%. The Federal Reserve's rate hold, Powell's discussion of its dual mandate, tariff policy, and semiconductor supply-chain shifts provided the main context for the sharp intraday reversal.
4 session driversAfternoon selloff and rebound5 key headlinesExpress News | The Federal Reserve maintains the benchmark interest rate unchanged, in line with market expectations.
Regular session · Close 16:00 ET
QQQ+0.40%
SPY+0.43%
Trade negotiations frame broad gains as QQQ finishes ahead
QQQ and SPY opened 1.07% and 0.73% higher, reached intraday peaks of 1.92% and 1.59%, then finished up 0.97% and 0.56%. U.S.-U.K. trade terms, possible changes to China tariffs, jobless claims, and overnight AI-chip developments provided the main context, while QQQ ended 0.40 percentage points ahead of SPY.
3 session driversBroad gains with a midday peak4 key headlinesUSA Initial Jobless Claims 228K Vs 231K Est: 241K Prior
Regular session · Close 16:00 ET
QQQ+1.02%
SPY+0.67%
Trade and Fed signals accompany fading early gains and a near-flat finish
QQQ opened 0.39% higher and SPY gained 0.24%, but both faded to finish nearly flat. SPY led by 0.07 percentage points as tariff signals, Federal Reserve inflation and liquidity commentary, and industrial-policy headlines accompanied a two-way session.
3 session driversTrade policy5 key headlinesExpress News | Trump: Imposing an 80% tariff on China seems reasonable.
Regular session · Close 16:00 ET
QQQ-0.05%
SPY-0.14%
Geneva trade talks and Fed caution define Saturday's policy agenda
U.S. markets were closed Saturday. High-level U.S.-China economic and trade talks began in Geneva and continued for at least eight hours without an announced deal, before Trump said significant progress had been made. Separately, Federal Reserve officials signaled no urgency to cut rates and emphasized inflation expectations and trade-policy uncertainty.
2 session driversU.S.-China trade talks4 key headlinesExpress News | The high-level China-US economic and trade talks began in Geneva, Switzerland.
Market closed · No intraday price curve
Trade progress and technology plans shape Sunday headlines
U.S. markets were closed Sunday. Trump described the China meeting as producing broad agreement and a negotiated reset, while Vice Premier He Lifeng said the talks made substantive progress and reached important consensus. Other headlines included an India-Pakistan ceasefire, Apple's reported second-half 2026 supplier target for a large foldable iPhone, and OpenAI-Microsoft contract talks covering equity, post-2030 model access and a possible future IPO.
3 session driversU.S.-China trade progress5 key headlinesBreaking news! He Lifeng: The high-level economic and trade talks between China and the United States have made substantial progress and reached important consensus.
Market closed · No intraday price curve
Tariff relief lifts QQQ 3.86% and SPY 3.15%, with tech ahead
QQQ rose 3.86% and SPY gained 3.15%, leaving QQQ ahead by 0.71 percentage points. The 90-day U.S.-China tariff reduction framed the session, while Kugler's inflation-growth warning, the drug-price executive order, and a possible G42 chip sale added policy and technology context.
3 session driversTariff relief and costs5 key headlinesU.S. and China cut reciprocal tariffs from 125% to 10% for 90 days while the U.S. retains 20% fentanyl-linked duties
Regular session · Close 16:00 ET
QQQ+4.06%
SPY+3.28%
Softer CPI and Saudi AI deals frame gains as QQQ rises 1.64% and outpaces SPY
QQQ rose 1.64% and SPY gained 0.73%, leaving QQQ ahead by 0.91 percentage points. Most of the advance developed during regular trading. Softer April CPI readings and a cluster of Saudi investment, AI-compute, and chip agreements provided the main macro and technology context, while the planned removal of U.S. sanctions on Syria added a geopolitical policy shift.
3 session driversSofter inflation data5 key headlinesExpress News | US Apr. CPI YoY +2.3% Vs +2.4% Forecast, Prior +2.4%
Regular session · Close 16:00 ET
QQQ+1.52%
SPY+0.66%
QQQ gains 0.50% while SPY slips 0.12% amid AI and trade-policy developments
QQQ gained 0.50% while SPY slipped 0.12%, leaving QQQ ahead by 0.62 percentage points. Saudi AI investment, possible changes to chip-export rules and Cisco's infrastructure orders highlighted technology demand. U.S.-China tariff adjustments and small-package policy changes shaped the trade backdrop, while META faced a new European privacy challenge.
3 session driversAI investment and demand6 key headlinesMohammed Bin Salman Launches Saudi AI Firm 'Humain' Led By Ex-Aramco Digital CEO As Trump Hails 'Golden Era' With $600 Billion In US Deals
Regular session · Close 16:00 ET
QQQ+0.60%
SPY+0.12%
SPY rebounds 0.44% while QQQ ends nearly flat with PPI and AI-policy news in focus
SPY rebounded 0.44% while QQQ finished nearly flat, leaving SPY ahead by 0.35 percentage points. April producer prices fell more than expected, and both funds gained after the 8:30 a.m. ET data. Powell's policy-framework reassessment kept the Fed outlook in focus, while U.S.-UAE chip, cloud and infrastructure agreements highlighted continued AI investment.
3 session driversProducer prices and demand data5 key headlinesPPI MoM For April -0.5% Vs 0.2% Expected; -0.4% Prior
Regular session · Close 16:00 ET
QQQ+0.12%
SPY+0.48%
Higher open gives way to a 0.89% QQQ decline as SPY holds up better
QQQ fell 0.89% and SPY declined 0.37%, leaving SPY ahead by 0.52 percentage points after both opened higher. University of Michigan sentiment came in at 50.8 versus 53.4 expected, while one-year inflation expectations reached 7.3% versus 6.5% expected. New tariff signals, more than $200 billion of U.S.-UAE agreements including AI chips, and Moody's later U.S. sovereign downgrade to Aa1 added policy, technology and credit-risk context.
4 session driversConsumer sentiment and inflation expectations6 key headlinesExpress News | In May, the initial value of the Michigan University Consumer Confidence Index in the USA was 50.8, with an expectation of 53.4 and a previous value of 52.2.
Regular session · Close 16:00 ET
QQQ+0.44%
SPY+0.65%
U.S. credit downgrade joins AI and UAE dealmaking in Saturday news
U.S. markets were closed Saturday. The White House criticized Moody's downgrade of the U.S. credit rating as political. Qualcomm partnered with Saudi AI company Humain on datacenter chips, while Apple's Alibaba partnership for AI on Chinese iPhones faced U.S. national-security and data-sharing concerns. Trump renewed pressure on Powell for earlier rate cuts, and UAE agreements totaling $200 billion were paired with ADNOC's plan to raise U.S. investment to $440 billion over the next decade.
3 session driversU.S. sovereign rating5 key headlinesThe USA has lost its last AAA rating! The White House criticizes Moody's.
Market closed · No intraday price curve
Bessent tariff warning meets China data and Nvidia moves on Sunday
U.S. markets were closed Sunday. Trump told Walmart to absorb tariff costs, while Treasury Secretary Scott Bessent warned that rates could return to Liberation Day levels without trade agreements. China's April industrial production rose 6.1%, above the 5.7% estimate, and unemployment eased to 5.1% from 5.2%. Nvidia abandoned another Hopper chip for China under U.S. restrictions, while Nvidia, TSMC and Foxconn announced a Taiwan AI supercomputer partnership. Trump also began calls with Putin and Zelenskyy to pursue a Russia-Ukraine ceasefire.
4 session driversTariff pressure6 key headlinesBessent warns Liberation Day tariffs may return without trade agreements
Market closed · No intraday price curve
QQQ and SPY erase opening losses amid downgrade and AI headlines
QQQ opened 1.38% below the prior close and finished 0.17% higher, while SPY moved from a 1.02% opening loss to a 0.23% gain. Atlanta Fed President Raphael Bostic said the U.S. credit downgrade could raise capital costs and tariffs could strain households. The April U.S. Leading Index fell 1.0%, worse than the 0.7% decline expected. Later headlines covered Russia-Ukraine ceasefire talks, Nvidia's estimate of $15 billion in missed sales from U.S. export rules, record retail dip-buying, and new Microsoft AI-agent products.
4 session driversOpening reversal6 key headlinesFed's Bostic says U.S. downgrade could raise capital costs
Regular session · Close 16:00 ET
QQQ+0.10%
SPY+0.12%
Tariff uncertainty and Tesla headlines accompany matching 0.42% declines
QQQ opened 0.50% lower and finished down 0.42%, while SPY opened 0.29% lower and also closed down 0.42%. A White House official said tariff increases should not have a lasting inflation effect, while Fed official Alberto Musalem said tariffs would likely weigh on growth and jobs. Retail investors reportedly put a record $122 billion into equity ETFs as institutions sold. Tesla's talks to license its Full Self-Driving technology and reports that Israel could strike Iranian nuclear facilities were additional developments during and after the session.
3 session driversTariff policy signals5 key headlinesWhite House official says tariff inflation impact is limited and rates may return to pre-pandemic levels
Regular session · Close 16:00 ET
QQQ-0.34%
SPY-0.34%
Treasury stress and chip curbs accompany a 1.64% SPY slide
QQQ opened 0.77% lower and finished down 1.41%, while SPY opened 0.74% lower and closed down 1.64%. Fiscal and Treasury-market concerns remained prominent. IMF officials called for the U.S. to reduce its deficit, and TLT reached a six-month low after a weak Treasury auction. Technology headlines included reports that the U.S. would maintain China chip restrictions and that OpenAI would buy Jony Ive's io Products for $6.5 billion. After the session, the EU reportedly proposed selective tariff elimination and joint investment in U.S. trade talks.
3 session driversFiscal and Treasury pressure5 key headlinesTrump's major tax cuts have raised concerns, with IMF officials calling for the U.S. to reduce its fiscal deficit!
Regular session · Close 16:00 ET
QQQ-1.39%
SPY-1.67%
Mixed jobs and tariff-inflation signals leave QQQ up 0.16% and SPY flat
QQQ opened 0.11% higher and finished up 0.16%, while SPY opened 0.04% lower and ended essentially flat. Fed Governor Christopher Waller said rates could be cut later in the year if tariffs settle. Initial jobless claims came in at 227K versus 230K estimated, and May composite PMI rose to 52.1 from 50.6. A separate report said tariff-fueled inflation accelerated at the fastest pace in three years. Policy and technology headlines included House passage of Trump's tax bill and Anthropic's Claude Opus 4 and Sonnet 4 launch.
4 session driversFiscal policy and the Fed path6 key headlinesHouse Passes Trump Tax Bill; Bill Goes To Senate
Regular session · Close 16:00 ET
QQQ+0.19%
SPY+0.03%
EU and Apple tariff threats dominate as QQQ falls 1.10% and SPY loses 0.70%
QQQ opened 1.53% lower and finished down 1.10%, while SPY opened 1.22% lower and ended down 0.70%. Trump proposed a 50% tariff on the European Union from June 1 and threatened a 25% tariff on Apple, while Chicago Fed President Austan Goolsbee warned that tariff-driven stagflation would be the central bank's worst situation. April new-home sales reached 743K versus 694K estimated, alongside gains in both ETFs over the next 15 minutes. Technology headlines included a reported $40 billion Oracle purchase of Nvidia chips for an OpenAI data center and the FTC ending its effort to block Microsoft's Activision acquisition.
4 session driversTariff escalation6 key headlinesExpress News | President Trump of the United States stated that he suggests imposing a 50% tariff on the European Union starting from June 1.
Regular session · Close 16:00 ET
QQQ-0.92%
SPY-0.67%
Bessent’s trade signals and Musk’s “wartime mode” lead Saturday news
U.S. markets were closed Saturday, and the chart carries Friday’s closing levels. Treasury Secretary Scott Bessent said tariff pressure was accelerating EU talks, several major trade deals were approaching, and an SLR revision could support Treasury markets. Separately, Elon Musk said he was returning to “wartime mode” and a 24-hour work schedule across X, xAI, Tesla and Starship.
2 session driversTreasury and trade policy2 key headlinesBessent Says Tariff Threat Is Speeding EU Talks and SLR Revision Could Support Treasuries
Market closed · No intraday price curve
Tariff delay, bond pressure and chip plans lead Sunday news
U.S. markets were closed Sunday, so the chart carries Friday's close. Trump extended the U.S.-EU tariff deadline to July 9, while the 10-year Treasury yield stayed above 4.55% and Rand Paul opposed a proposed $5 trillion debt-ceiling increase. Nvidia was reported to be planning a lower-priced China AI chip. Kashkari said rate action before September remained uncertain, and Japan offered LNG and shipbuilding projects in tariff talks.
3 session driversTrade-policy window6 key headlinesExpress News | The deadline for the tariff negotiations between the United States and the European Union has been extended to July 9.
Market closed · No intraday price curve
EU talks accelerate as tech retaliation and Japan's tariff fund shape holiday news
U.S. markets were closed for Memorial Day, so the chart carries Friday's close. The EU planned to accelerate trade talks with the United States, while Germany warned that American technology companies could face retaliation if the dispute escalated. Japan was reported to be preparing a $6.3 billion tariff-response fund. Iran rejected a temporary uranium-enrichment freeze, Nvidia system demand was reported to be accelerating production, and Japan's core CPI rose 2.4% from a year earlier.
3 session driversTransatlantic trade response6 key headlinesExpress News | The European Union plans to expedite trade negotiations with the United States.
Market closed · No intraday price curve
Trade talks and stronger confidence accompany a 2.37% QQQ gain
QQQ gained 2.37% and SPY rose 2.11%, with QQQ leading by 0.27 percentage points. Faster U.S.-EU trade scheduling and a May consumer-confidence reading of 98.0 versus 87.1 expected framed the risk-on session, while April durable-goods data were mixed and Kashkari favored holding rates steady. PDD's earnings miss and a report that Nvidia's GB200 production was ramping supplied contrasting company-level context.
4 session driversU.S.-EU trade scheduling6 key headlinesTrump Says the EU Called to Set Trade Meeting Dates
Regular session · Close 16:00 ET
QQQ+2.35%
SPY+2.06%
Nvidia earnings and a tariff ruling frame a 1.39% QQQ advance
QQQ gained 1.39% and SPY rose 0.92%, with QQQ leading by 0.46 percentage points. Both ETFs weakened during regular trading before advancing after hours as Nvidia reported stronger-than-expected first-quarter results and issued second-quarter sales guidance of $44.10 billion to $45.90 billion. A U.S. trade court ruling blocking global tariffs and the administration's appeal added a late trade-policy focus, while Fed minutes flagged tariff-related inflation risks and new export curbs on chip-design software broadened the technology-policy backdrop.
4 session driversNvidia results and guidance6 key headlinesNVIDIA Sees Q2 Sales $44.100B-$45.900B vs $45.78B Est
Regular session · Close 16:00 ET
QQQ-0.44%
SPY-0.58%
As tariffs return during appeal, a strong open fades and QQQ slips 0.24%
QQQ finished down 0.24% while SPY was nearly flat at 0.06%, leaving SPY ahead by 0.31 percentage points. Opening gains of 1.43% for QQQ and 0.91% for SPY faded through regular trading and after hours. The day's backdrop included a mixed data set with first-quarter GDP down 0.20%, core PCE prices up 3.40%, and initial jobless claims at 240,000. An appeals court reinstated tariffs during the government's appeal, Powell met Trump and reiterated a data-dependent policy stance, and Nvidia's H20 charge kept China-related chip restrictions in focus.
4 session driversMixed macro data6 key headlines'U.S. Appeals Court Reinstates Trump Tariffs During Appeal' - Bloomberg News
Regular session · Close 16:00 ET
QQQ+0.20%
SPY+0.39%
Cooling inflation and China restrictions precede a rebound before both ETFs close 0.28% lower
QQQ finished down 0.28% and SPY lost 0.28%, leaving their relative performance essentially even. Both opened slightly lower, fell as much as 1.49% for QQQ and 1.00% for SPY during regular trading, and recovered close to flat before weakening after hours. April headline PCE inflation eased to 2.10% and core PCE slowed to 2.50%. Chicago business activity missed estimates while Michigan consumer sentiment beat them. U.S. plans to widen restrictions on Chinese technology subsidiaries kept trade friction in focus, and Trump later announced a 50% steel tariff overnight.
4 session driversCooling inflation6 key headlinesExpress News | US Apr. Core PCE Price Index YoY +2.50% Vs +2.50% Forecast, Prior +2.70%
Regular session · Close 16:00 ET
QQQ-0.15%
SPY-0.10%
EU readies tariff response as USTR extends China exemptions
U.S. markets were closed Saturday, so the chart carries Friday's close. The EU said it was prepared to counter recent U.S. tariff increases. People's Daily urged China's new-energy vehicle sector to stop relying on destructive price competition. Later, USTR extended certain Section 301 tariff exclusions for Chinese imports.
2 session driversTransatlantic tariff response3 key headlinesExpress News | The European Union is prepared to take countermeasures, including responding to the recent tariffs imposed by the United States.
Market closed · No intraday price curve