Official U.S. CPI releaseWed, Jun 11May 2025
QQQ / SPY · Complete month
June 2025
Replay June 2025 through QQQ/SPY closing paths, intraday turns, recurring news themes, and every daily curve.
- Review days
- 30
- Trading days
- 20
- News
- 1,018
- Recurring news themes
- 6
Jun 1, 2025 — Jun 30, 2025
Monthly performance
QQQ ended at +6.27% and SPY at +4.83% 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
Microsoft and OpenAI reports accompany a firm session as QQQ leads
QQQ gained 1.60% and SPY rose 1.14%, leaving QQQ ahead by 0.46 percentage points. Both opened firmly higher and extended gains through the regular session. Consumer confidence missed expectations, while Powell described a rate path contingent on tariff-driven inflation and labor conditions. Microsoft job-cut and OpenAI productivity-suite reports added technology-specific context, while ceasefire disputes and later diplomacy kept Iran risk in view.
3 session driversTechnology-specific context5 key headlinesIsrael Says Iran Broke Trump Ceasefire, Orders 'High-Intensity Strikes' On Tehran
Regular session · Close 16:00 ET
QQQ+1.52%
SPY+1.10%
Weakest QQQ sessionWeakest SPY session
QQQ and SPY close more than 1% lower amid Iran-Israel escalation
QQQ ended 1.25% below its previous close and SPY fell 1.04%, leaving SPY ahead by 0.21 percentage points. Both opened sharply lower, then fell a further 0.32 and 0.39 percentage points during regular trading. Iran's withdrawal from U.S. nuclear talks, continuing nuclear plans, and later missile launches kept the Middle East in focus. University of Michigan consumer sentiment was 60.5 versus 53.5 expected and 52.2 prior, while one-year inflation expectations were 5.1% versus 6.4% expected and 6.60% prior. Meta invested $14.3 billion for 49% of Scale AI at a $29 billion valuation, and Google later planned to split from Scale AI.
3 session driversMiddle East escalation6 key headlinesPresident Trump Tells WSJ US Was Aware Of Israel's Plans To Attack Iran
Regular session · Close 16:00 ET
QQQ-1.26%
SPY-1.13%
Largest QQQ–SPY divergence
QQQ holds a 0.34-point edge amid Iran and trade headlines
QQQ finished 0.66% above its previous close and SPY gained 0.33%, leaving QQQ ahead by 0.34 percentage points. Both opened higher at 0.66% and 0.57%, but SPY gave back part of its opening advance while QQQ held nearly all of it. The New York Empire State Manufacturing Index was -16 versus -5.9 expected. Middle East reports alternated between barriers to negotiations and renewed military escalation, with mixed moves after the selected headlines. Trade developments included conditional EU acceptance of a 10% U.S. tariff and a later U.S.-UK agreement.
3 session driversRegional manufacturing weakness5 key headlinesExpress News | Iran will not negotiate with the United States until it has completed its retaliation against Israel.
Regular session · Close 16:00 ET
QQQ+1.39%
SPY+0.96%
Strongest intraday rebound
QQQ rises 1.69% as rate-cut signals meet shifting Iran headlines
QQQ gained 1.69% and SPY rose 1.52%, leaving QQQ ahead by 0.16 percentage points. Fed Governor Michelle Bowman opened the door to a July rate cut if inflation stays contained, while U.S. composite PMI and existing-home sales topped estimates. Reports of Iranian missiles targeting a U.S. base in Qatar coincided with an intraday reversal, and President Trump later announced a complete Israel-Iran ceasefire after the close.
3 session driversFed easing outlook5 key headlinesBowman is open to a July rate cut if inflation remains contained
Regular session · Close 16:00 ET
QQQ+0.92%
SPY+0.98%
Calmest session
Small gains put QQQ ahead of SPY as China talks and AI deals take focus
QQQ finished 0.22% above its previous close and SPY gained 0.12%, leaving the technology-heavy fund ahead by 0.09 percentage points after a quiet, uneven session. U.S.-China trade talks opened in London with rare-earth export controls in focus. Technology news included Qualcomm's $2.4 billion Alphawave acquisition, Meta's possible investment of more than $10 billion in Scale AI, and Apple opening its foundation models to developers at WWDC. Wholesale data were mixed, while New York Fed one-year consumer inflation expectations fell to 3.2% from 3.6%.
3 session driversU.S.-China trade dialogue6 key headlinesQualcomm to Acquire UK's Alphawave Semi in $2.4B Deal to Boost Chip Capabilities
Regular session · Close 16:00 ET
QQQ+0.14%
SPY+0.07%
Busiest news day
Regular-session gains reverse after the bell, leaving SPY ahead of QQQ
QQQ ended 0.44% below its previous close and SPY fell 0.19%, leaving SPY ahead by 0.24 percentage points. Both rose during the regular session to close 0.23% and 0.39% above their previous closes, then turned lower after hours. May producer prices rose 2.6% year over year while core PPI increased 3%, and the 08:30 ET release cohort was followed by 15-minute gains of 0.36% for QQQ and 0.26% for SPY. Initial claims were 248K versus 242K expected. Micron's $200 billion investment plan and AMD's chip announcements supplied semiconductor context. Boeing's Dreamliner crash and the later Israel-Iran strike marked the major risk developments.
4 session driversU.S. data and rate policy6 key headlinesExpress News | In May, the U.S. PPI increased by 2.6% year-on-year, meeting expectations, while the core PPI increased by 3% year-on-year, which was below expectations.
Regular session · Close 16:00 ET
QQQ+0.23%
SPY+0.39%
Recurring news themes
See which themes kept returning during the month and how many review days they appeared in.
01
Geopolitics
178 related news items · 27 review days
14.0%+10.6 pp vs prior 3 months
02AI
169 related news items · 27 review days
13.3%+1.1 pp vs prior 3 months
03Tesla
85 related news items · 26 review days
6.7%+0.5 pp vs prior 3 months
04China
96 related news items · 25 review days
7.6%-1.8 pp vs prior 3 months
05Tariffs
112 related news items · 23 review days
8.8%-8.3 pp vs prior 3 months
06Semiconductors
78 related news items · 21 review days
6.1%-2.0 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.
China trade friction, geopolitical risk and policy signals frame Sunday
With U.S. markets closed on Sunday, attention centered on renewed U.S.-China trade accusations and supply-chain tensions, an escalation in the Russia-Ukraine conflict, Waller's rate-cut outlook, and Bessent's assurance that the United States would not default.
3 session driversChina trade friction5 key headlinesFlash | U.S. and China Trade Accusations Follow the Geneva Consensus
Market closed · No intraday price curve
QQQ and SPY erase opening losses amid manufacturing and policy updates
QQQ moved from a 0.36% opening decline to finish 0.60% higher, while SPY went from down 0.28% to up 0.35%. QQQ led by 0.25 percentage points. Mixed manufacturing readings, tariff and Fed policy signals, and geopolitical negotiations supplied the main context across the session and overnight trading.
3 session driversManufacturing data6 key headlinesSecond Round of Russia-Ukraine Negotiations Concludes After About an Hour
Regular session · Close 16:00 ET
QQQ+0.79%
SPY+0.55%
QQQ and SPY advance as labor strength meets tariff risks
QQQ finished 0.80% higher after opening up 0.07%, while SPY rose 0.61% after opening down 0.07%. QQQ led by 0.20 percentage points. Stronger-than-expected job openings, tariff and inflation warnings, and new long-term data-center power and leasing agreements supplied the main context across the session.
3 session driversLabor and growth data6 key headlinesUSA JOLTS Job Openings For April 7.391M Vs 7.110M Est.; 7.200M Prior (Revised From 7.192M Prior)
Regular session · Close 16:00 ET
QQQ+0.80%
SPY+0.57%
QQQ edges higher while SPY slips amid weak data and AI investment
QQQ finished 0.21% higher after opening up 0.14%, while SPY fell 0.10% after opening up 0.15%. QQQ led by 0.31 percentage points. Weak ADP hiring and ISM services data, elevated input-price and tariff concerns, and Amazon's cloud and AI investment supplied the main context.
3 session driversLabor and services softness5 key headlinesExpress News | US May ADP Nonfarm Employment Change +37000 Vs +111000 Forecast, Prior +62000
Regular session · Close 16:00 ET
QQQ+0.28%
SPY-0.03%
QQQ and SPY reverse early gains as policy and tariff risks weigh on technology
QQQ opened 0.27% higher and finished down 0.96%, while SPY moved from a 0.29% opening gain to a 0.52% decline. SPY led by 0.44 percentage points. Initial jobless claims exceeded forecasts, the Xi-Trump call produced plans for further talks, and the widening Trump-Musk dispute added pressure around technology and fiscal policy. Fed officials also emphasized tariff-related inflation risks and patience on rates.
4 session driversLabor data6 key headlinesUSA Initial Jobless Claims 247K Vs 236K Est.; 239K Prior (Revised From 240K)
Regular session · Close 16:00 ET
QQQ-0.77%
SPY-0.49%
QQQ and SPY climb more than 1% as resilient hiring and AI earnings set the pace
QQQ opened 0.99% higher and finished up 1.14%, while SPY moved from a 0.95% opening gain to a 1.13% advance. QQQ led by 0.02 percentage points. Payroll growth beat forecasts, wage growth was firm, and calls for lower rates remained prominent. Broadcom's AI revenue growth and plans for U.S.-China talks in London added technology and trade-policy context.
3 session driversLabor and rate path4 key headlinesUSA Nonfarm Payrolls (May) 139K Vs 126K Est: 147K Prior
Regular session · Close 16:00 ET
QQQ+0.96%
SPY+1.01%
Saturday brings U.S.-China consultation plans, rare-earth approvals and AI deal talks
With U.S. markets closed on Saturday, attention centered on plans for the first meeting under a China-U.S. economic and trade consultation mechanism and China's approval of compliant applications under rare-earth export controls. The U.S. government also signaled that it could examine Elon Musk's federal contracts, while Meta was reported to be negotiating a multibillion-dollar investment in Scale AI.
3 session driversU.S.-China consultation and controls4 key headlinesExpress News | He Lifeng will visit the UK and hold the first meeting of the Sino-US economic and trade consultation mechanism
Market closed · No intraday price curve
Sunday focus turns to Los Angeles Guard conflict, foreign-capital risk and weak China prices
With U.S. markets closed on Sunday, attention centered on the deployment of 2,000 National Guard members during escalating Los Angeles protests and California's planned lawsuit over the move. Global companies prepared to oppose proposed Article 899 taxes on foreign investors, while a separate report showed a $37 billion May outflow from U.S. stocks. Apple faced a Siri upgrade delay ahead of WWDC, and China reported weaker consumer and producer prices.
4 session driversLos Angeles Guard conflict6 key headlinesLos Angeles Immigration Protests Escalate as White House Deploys National Guard
Market closed · No intraday price curve
Small gains put QQQ ahead of SPY as China talks and AI deals take focus
QQQ finished 0.22% above its previous close and SPY gained 0.12%, leaving the technology-heavy fund ahead by 0.09 percentage points after a quiet, uneven session. U.S.-China trade talks opened in London with rare-earth export controls in focus. Technology news included Qualcomm's $2.4 billion Alphawave acquisition, Meta's possible investment of more than $10 billion in Scale AI, and Apple opening its foundation models to developers at WWDC. Wholesale data were mixed, while New York Fed one-year consumer inflation expectations fell to 3.2% from 3.6%.
3 session driversU.S.-China trade dialogue6 key headlinesQualcomm to Acquire UK's Alphawave Semi in $2.4B Deal to Boost Chip Capabilities
Regular session · Close 16:00 ET
QQQ+0.14%
SPY+0.07%
Trade progress frames a broad advance, with QQQ outpacing SPY
QQQ finished 0.62% above its previous close and SPY gained 0.50%, leaving QQQ ahead by 0.11 percentage points. Both opened little changed before advancing during the regular session, when QQQ added 0.49 percentage points and SPY added 0.40 percentage points. U.S.-China trade talks concluded in London, and China later said the two sides had reached a framework agreement in principle. Technology news included Taiwan Semiconductor's 39.6% May revenue growth, Micron shipping HBM4 samples, and a reported OpenAI cloud agreement with Google. A statement about a harder Iranian position in nuclear negotiations added geopolitical context during the session.
3 session driversU.S.-China trade progress6 key headlinesChina Says U.S. and China Reached a Trade Framework in Principle
Regular session · Close 16:00 ET
QQQ+0.67%
SPY+0.56%
Post-CPI rise fades as QQQ and SPY close lower
QQQ finished 0.56% below its previous close and SPY lost 0.43%, leaving SPY ahead by 0.13 percentage points. Both opened higher, then fell 0.82 and 0.61 percentage points from their opens. May CPI rose 2.4% year over year, below the 2.5% forecast, and both funds advanced during the next 15 minutes. Trade updates included approval of U.S. magnet applications and Bessent's warning that China talks would take longer. Meta's reported Scale AI investment and Amazon's Prime Video advertising change added technology-company context. The State Department's decision to reduce the U.S. mission in Iraq added a late-session security development.
4 session driversInflation and rate expectations5 key headlinesExpress News | US May. CPI YoY +2.4% Vs +2.5% Forecast, Prior +2.3%
Regular session · Close 16:00 ET
QQQ-0.33%
SPY-0.28%
Regular-session gains reverse after the bell, leaving SPY ahead of QQQ
QQQ ended 0.44% below its previous close and SPY fell 0.19%, leaving SPY ahead by 0.24 percentage points. Both rose during the regular session to close 0.23% and 0.39% above their previous closes, then turned lower after hours. May producer prices rose 2.6% year over year while core PPI increased 3%, and the 08:30 ET release cohort was followed by 15-minute gains of 0.36% for QQQ and 0.26% for SPY. Initial claims were 248K versus 242K expected. Micron's $200 billion investment plan and AMD's chip announcements supplied semiconductor context. Boeing's Dreamliner crash and the later Israel-Iran strike marked the major risk developments.
4 session driversU.S. data and rate policy6 key headlinesExpress News | In May, the U.S. PPI increased by 2.6% year-on-year, meeting expectations, while the core PPI increased by 3% year-on-year, which was below expectations.
Regular session · Close 16:00 ET
QQQ+0.23%
SPY+0.39%
QQQ and SPY close more than 1% lower amid Iran-Israel escalation
QQQ ended 1.25% below its previous close and SPY fell 1.04%, leaving SPY ahead by 0.21 percentage points. Both opened sharply lower, then fell a further 0.32 and 0.39 percentage points during regular trading. Iran's withdrawal from U.S. nuclear talks, continuing nuclear plans, and later missile launches kept the Middle East in focus. University of Michigan consumer sentiment was 60.5 versus 53.5 expected and 52.2 prior, while one-year inflation expectations were 5.1% versus 6.4% expected and 6.60% prior. Meta invested $14.3 billion for 49% of Scale AI at a $29 billion valuation, and Google later planned to split from Scale AI.
3 session driversMiddle East escalation6 key headlinesPresident Trump Tells WSJ US Was Aware Of Israel's Plans To Attack Iran
Regular session · Close 16:00 ET
QQQ-1.26%
SPY-1.13%
Esfahan damage, canceled talks and Tesla Robotaxi protests mark key developments
With U.S. markets closed, attention centered on damage at Iran's Esfahan nuclear site, the cancellation of planned U.S.-Iran talks, and a Tesla fully self-driving vehicle nearing delivery as Robotaxi faced protests in the United States before launch.
2 session driversIran nuclear risk3 key headlinesIAEA Says Critical Buildings at Iran's Esfahan Nuclear Site Damaged
Market closed · No intraday price curve
Oil surge, Taiwan chip controls and China data lead Sunday news
With U.S. markets closed, oil futures jumped as the Israel-Iran conflict reached energy facilities and the possibility of U.S. involvement grew. Netanyahu said Israel would stop its actions if Iran abandoned its nuclear program. Taiwan added Huawei and SMIC to its export-control list, while Amazon outlined a US$13 billion Australian data-center investment. China's May industrial production grew 5.8%, slightly below expectations, and unemployment eased to 5.0%.
4 session driversMiddle East energy risk6 key headlinesIsrael-Iran Conflict Reaches Energy Facilities as U.S. May Join, Oil and Gold Rise While U.S. Futures Fall
Market closed · No intraday price curve
QQQ holds a 0.34-point edge amid Iran and trade headlines
QQQ finished 0.66% above its previous close and SPY gained 0.33%, leaving QQQ ahead by 0.34 percentage points. Both opened higher at 0.66% and 0.57%, but SPY gave back part of its opening advance while QQQ held nearly all of it. The New York Empire State Manufacturing Index was -16 versus -5.9 expected. Middle East reports alternated between barriers to negotiations and renewed military escalation, with mixed moves after the selected headlines. Trade developments included conditional EU acceptance of a 10% U.S. tariff and a later U.S.-UK agreement.
3 session driversRegional manufacturing weakness5 key headlinesExpress News | Iran will not negotiate with the United States until it has completed its retaliation against Israel.
Regular session · Close 16:00 ET
QQQ+1.39%
SPY+0.96%
QQQ and SPY fall more than 1% amid weak retail data and Iran tension
QQQ ended 1.21% below its previous close and SPY fell 1.08%, leaving SPY ahead by 0.14 percentage points. Both opened lower, down 0.49% and 0.42%, then extended their declines during regular trading and after hours. May retail sales fell 0.9% versus a 0.7% decline expected, while core sales declined 0.3% against a 0.2% increase expected. Headlines ranged from U.S. tariff and semiconductor export policy to escalating Iran-Israel military risk. Amazon also said generative AI and agents are expected to reduce its corporate workforce over the next few years.
4 session driversWeak U.S. demand data5 key headlinesExpress News | US May Retail Sales MoM -0.9% Vs -0.7% Forecast, Prior +0.1%
Regular session · Close 16:00 ET
QQQ-0.99%
SPY-0.85%
Near-flat finish follows FOMC volatility, with QQQ edging SPY by 0.02 points
QQQ finished 0.02% below its previous close and SPY slipped 0.04%, leaving QQQ ahead by 0.02 percentage points. Both opened higher and reached morning peaks of about 0.63% and 0.60% above their prior closes before giving up the gains. The Fed kept rates unchanged while its projections pointed to slower growth, slightly higher unemployment and firmer inflation. Investors also weighed weaker housing data, another expansion of the Section 232 tariff campaign and the risk of wider U.S. involvement in the Iran conflict.
4 session driversFed hold and cautious outlook6 key headlinesFed Leaves Key Overnight Interest Rate Unchanged
Regular session · Close 16:00 ET
QQQ-0.02%
SPY-0.01%
Juneteenth closure leaves QQQ and SPY flat as Iran and policy news unfolds
U.S. markets were closed for Juneteenth, so QQQ and SPY remained at the previous session's closing levels of $528.96 and $597.46. The White House left negotiations with Iran open while setting a two-week decision period for possible U.S. military action. Other developments included a Swiss National Bank rate cut to 0%, a 90-day extension of the TikTok divestiture deadline, exposure of more than 16 billion login records, and a Canadian tariff ultimatum covering U.S. steel and aluminum.
4 session driversIran tension and operational effects5 key headlinesTrump Gives Iran 2 Weeks To Strike A Deal Or Face US Military Action
Market closed · No intraday price curve
Early gains fade into modest losses amid Fed, Iran and chip-policy updates
QQQ and SPY opened higher but finished down 0.27% and 0.36%, respectively, with QQQ ahead by 0.09 percentage points. Federal Reserve updates paired Waller's openness to a July rate cut with a report that inflation remained somewhat elevated and early tariff effects were emerging. Semiconductor-policy reports, Nvidia's factory-automation plans, Iran diplomacy and Apple's interest in Perplexity added further context across the session and overnight trading.
4 session driversFed policy and inflation6 key headlinesFed report says inflation remains somewhat elevated as early tariff effects emerge
Regular session · Close 16:00 ET
QQQ-0.43%
SPY-0.54%
U.S. strikes on Iran and retaliation dominate Saturday developments
U.S. markets were closed for the weekend, leaving QQQ and SPY at Friday's closing levels. President Trump said the United States had struck three Iranian nuclear sites and later said other targets could be attacked if peace was not achieved. Iran called the bombing dangerous, while the Islamic Revolutionary Guard Corps launched a new round of missile and drone strikes against Israel. Trump also publicly rejected Director of National Intelligence Tulsi Gabbard's assessment that Iran lacked nuclear capabilities.
3 session driversU.S. strikes and escalation5 key headlinesTrump says the U.S. completed strikes on three Iranian nuclear sites
Market closed · No intraday price curve
Pending Hormuz decision accompanies a split in French and German PMIs
U.S. markets were closed for the weekend, leaving QQQ and SPY at Friday's closing levels. Iran's parliament backed closing the Strait of Hormuz, while the IMF warned the conflict could raise uncertainty beyond energy markets. Tesla began a limited Austin Robotaxi service, U.S.-Korea chip trade friction intensified, and European PMIs showed weaker French manufacturing but firmer German services.
4 session driversMiddle East escalation6 key headlinesIranian lawmaker says parliament concluded the Strait of Hormuz should close, with the final decision pending
Market closed · No intraday price curve
QQQ rises 1.69% as rate-cut signals meet shifting Iran headlines
QQQ gained 1.69% and SPY rose 1.52%, leaving QQQ ahead by 0.16 percentage points. Fed Governor Michelle Bowman opened the door to a July rate cut if inflation stays contained, while U.S. composite PMI and existing-home sales topped estimates. Reports of Iranian missiles targeting a U.S. base in Qatar coincided with an intraday reversal, and President Trump later announced a complete Israel-Iran ceasefire after the close.
3 session driversFed easing outlook5 key headlinesBowman is open to a July rate cut if inflation remains contained
Regular session · Close 16:00 ET
QQQ+0.92%
SPY+0.98%
Microsoft and OpenAI reports accompany a firm session as QQQ leads
QQQ gained 1.60% and SPY rose 1.14%, leaving QQQ ahead by 0.46 percentage points. Both opened firmly higher and extended gains through the regular session. Consumer confidence missed expectations, while Powell described a rate path contingent on tariff-driven inflation and labor conditions. Microsoft job-cut and OpenAI productivity-suite reports added technology-specific context, while ceasefire disputes and later diplomacy kept Iran risk in view.
3 session driversTechnology-specific context5 key headlinesIsrael Says Iran Broke Trump Ceasefire, Orders 'High-Intensity Strikes' On Tehran
Regular session · Close 16:00 ET
QQQ+1.52%
SPY+1.10%
QQQ edges ahead as home sales miss and Micron guides higher
QQQ finished up 0.25% and SPY gained 0.05%, leaving QQQ ahead by 0.20 percentage points. Both opened higher, reached morning highs, and then surrendered most of those gains during the regular session. May new-home sales missed estimates, while Powell said officials were watching how tariffs appear in measured inflation. EU tariff warnings and Intel restructuring plans added policy and technology context. After the close, Micron beat quarterly expectations and issued above-estimate guidance.
3 session driversSoft housing and Fed watch5 key headlinesUSA New Home Sales For May 623K Vs 694K Est.
Regular session · Close 16:00 ET
QQQ+0.26%
SPY+0.05%
QQQ finishes 0.96% higher with mixed data and Fed-chair reports in focus
QQQ finished up 0.96% and SPY gained 0.82%, leaving QQQ ahead by 0.14 percentage points. Both opened higher and extended their gains during the regular session. First-quarter GDP contracted 0.5% versus a 0.2% estimate, while PCE prices were slightly above expectations. May durable-goods orders and pending-home sales exceeded estimates, and initial jobless claims were lower than forecast. Reports about the timing of a future Fed-chair choice and several technology-company updates framed the session. Overnight, the Commerce Secretary confirmed a U.S.-China trade agreement, but no fresh public price observations were available after that report.
3 session driversMixed U.S. economic data5 key headlinesUS GDP (QoQ) (Q1) -0.5% Vs -0.2% Est.
Regular session · Close 16:00 ET
QQQ+0.93%
SPY+0.79%
Afternoon reversal pares gains as PCE and trade headlines frame a near-tied finish
QQQ opened 0.18% higher and ended up 0.25%, while SPY moved from a 0.17% higher open to a 0.25% gain. Both climbed in the morning, fell below the prior close during the afternoon and then recovered, leaving SPY ahead by less than 0.01 percentage points. May core PCE inflation exceeded estimates on both a monthly and annual basis, while headline PCE matched forecasts. Trade updates ranged from optimism over EU and China arrangements to an abrupt end to talks with Canada. Microsoft chip-development reports and Meta's $29 billion AI data-center financing effort added technology context.
3 session driversInflation and consumer data5 key headlinesCore PCE Price Index (YoY) (May) +2.7% Vs +2.6% Est.
Regular session · Close 16:00 ET
QQQ+0.36%
SPY+0.49%
Senate tax-bill votes and AI talent moves shape weekend news
U.S. markets were closed for the weekend, leaving QQQ and SPY at Friday's closing levels. Senate Republicans released a revised $4.2 trillion tax plan with changes to SALT deductions, Medicaid and clean-energy provisions. The Senate then narrowly advanced the bill in a procedural vote ahead of a final vote expected on Monday. In technology news, Meta reportedly recruited four OpenAI researchers, while a Meta executive disputed OpenAI's claim about $100 million signing bonuses.
2 session driversSenate tax-and-spending bill4 key headlinesSenate advances Trump's tax-and-spending bill in procedural vote
Market closed · No intraday price curve
Trade-policy turns and China PMIs lead Sunday headlines
U.S. markets were closed for the weekend, leaving QQQ and SPY at Friday's closing levels. Canada canceled its digital-services tax and resumed trade talks with the United States, while Trump said the July 9 tariff deadline did not need an extension. The CBO estimated that the tax-and-spending bill would add nearly $3.3 trillion to U.S. deficits over ten years, and Trump called for interest rates of 1% or 2%. China's June composite PMI rose to 50.7, while manufacturing PMI remained below 50 at 49.7.
3 session driversNorth American trade policy6 key headlinesCanada scraps digital-services tax as U.S. trade talks resume
Market closed · No intraday price curve
Late highs leave QQQ 0.63% higher as data and tariff signals stack up
QQQ opened 0.58% above its prior close and finished 0.63% higher. SPY opened up 0.40% and ended 0.46% higher, leaving QQQ ahead by 0.18 percentage points. Both reached session highs near 15:55, at 0.85% for QQQ and 0.67% for SPY. Germany’s annual CPI was 2.0% versus a 2.2% estimate, while Chicago PMI came in at 40.4 versus 42.7 expected. Bessent warned that tariffs could return to April 2 levels. TSMC’s Singapore expansion and an Apple antitrust ruling were notable technology headlines. Overnight, China’s Caixin manufacturing PMI reached 50.4 versus a 49.2 estimate.
3 session driversInflation and business surveys6 key headlinesGerman annual CPI is 2.0% in June vs. 2.2% estimate and 2.1% prior
Regular session · Close 16:00 ET
QQQ+0.65%
SPY+0.48%