Official U.S. CPI releaseTue, Jul 15June 2025
QQQ / SPY · Complete month
July 2025
Replay July 2025 through QQQ/SPY closing paths, intraday turns, recurring news themes, and every daily curve.
- Review days
- 31
- Trading days
- 22
- News
- 949
- Recurring news themes
- 6
Jul 1, 2025 — Jul 31, 2025
Monthly performance
QQQ ended at +2.42% and SPY at +2.29% 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 session
QQQ gains 0.91% as firm jobs and services data reshape the rate outlook
QQQ gained 0.91%, outpacing SPY's 0.74% rise by 0.17 percentage point. Stronger-than-forecast payroll growth and lower unemployment showed labor resilience, while traders dropped July rate-cut bets. Services activity stayed in expansion, Bostic highlighted tariff-related price risks, and CoreWeave's GB300 system added an AI-infrastructure thread.
3 session driversLabor resilience and rates5 key headlinesU.S. June nonfarm payrolls rose 147,000 versus 110,000 forecast and 144,000 prior; unemployment was 4.1% versus 4.3% forecast and 4.2% prior
Regular session · Close 16:00 ET
QQQ+0.97%
SPY+0.79%
Weakest QQQ sessionLargest QQQ–SPY divergence
QQQ slips 0.78% while SPY holds flat amid tariff and Fed headlines
QQQ fell 0.78% while SPY finished essentially flat, leaving QQQ 0.79 percentage point behind. Powell linked delayed rate cuts to tariff uncertainty, while U.S. manufacturing and labor releases produced a mixed data picture. The Senate passed a broad tax and spending bill, and Meta expanded AI support and business tools for WhatsApp.
3 session driversTariffs complicate the rate path5 key headlinesExpress News | Federal Reserve Chairman Powell confirmed that the Fed would have lowered interest rates long ago if it weren't for Trump's tariff policies.
Regular session · Close 16:00 ET
QQQ-0.84%
SPY-0.05%
Strongest SPY session
SPY rises 0.92%, edging QQQ as housing softens and tariff details widen
SPY rose 0.92% and QQQ gained 0.79%, leaving SPY ahead by 0.13 percentage point. June existing-home sales missed the estimate and fell 2.7% from May. New details on the Japan trade agreement, a planned copper tariff and a broader 15%-50% tariff statement kept trade policy prominent. Bessent said one or two rate cuts could occur this year, while technology updates included Meta's gesture-control wristband and new AI infrastructure plans.
3 session driversTrade terms broaden5 key headlinesWhite House: Japan will buy 100 Boeing planes, raise rice purchases 75%, buy $8 billion of agricultural and other products, and increase annual U.S. defense purchases to $17 billi…
Regular session · Close 16:00 ET
QQQ+0.46%
SPY+0.84%
Weakest SPY session
Tariff escalation pulls both ETFs lower, with QQQ narrowly ahead
QQQ fell 0.79% and SPY fell 0.85%, leaving QQQ ahead by 0.06 percentage points. Trade-policy developments dominated as Bessent flagged more announcements and the U.S. set 25% tariffs on Japan and South Korea, while the revised-flat Employment Trends Index supplied the main labor-data context.
2 session driversTrade policy3 key headlinesExpress News | Trump announced that from August 1, a 25% tariff will be imposed on Japan and South Korea.
Regular session · Close 16:00 ET
QQQ-0.75%
SPY-0.73%
Strongest intraday rebound
SPY leads by 0.20 points as softer PPI meets shifting Fed and trade signals
QQQ opened 0.11% above the prior close but finished 0.03% lower, while SPY opened up 0.26% and retained a 0.17% gain. SPY led by 0.20 percentage points. June producer prices were softer than forecast, and Trump later said firing Powell was highly unlikely after an earlier report suggested the opposite. Technology and trade news included processing of Nvidia H20 licenses for Chinese customers, TSMC earnings above estimates, and a proposed uniform 10%-15% tariff for more than 150 countries.
3 session driversInflation and Fed path5 key headlinesExpress News | US June PPI YoY +2.3% Vs +2.5% Forecast, Prior +2.6%
Regular session · Close 16:00 ET
QQQ+0.11%
SPY+0.33%
Calmest session
QQQ outpaces a flat SPY as tariff signals meet Dallas Fed and AI updates
QQQ opened 0.24% above its previous close and finished up 0.48%, while SPY opened 0.06% higher and ended essentially flat at 0.04%. The day included a proposed 15% to 20% global tariff range, stronger Dallas Fed business conditions, Microsoft and META AI product developments, and U.S.-China talks scheduled to resume Tuesday.
3 session driversTariff policy and trade talks5 key headlinesExpress News | Trump: Global tariff rates will be between 15% and 20%.
Regular session · Close 16:00 ET
QQQ+0.32%
SPY-0.03%
Busiest news day
QQQ closes up 1.18%, 0.60 points ahead of SPY after a Fed swing and mega-cap results
QQQ opened 0.16% above its previous close and finished up 1.18%. SPY opened 0.11% higher and gained 0.58%, leaving QQQ ahead by 0.60 percentage point. Better-than-forecast second-quarter GDP arrived alongside slightly firmer core PCE. The Fed hold, tariff-inflation commentary, a copper tariff order, and Meta and Microsoft earnings defined the later moves.
4 session driversGrowth and inflation data6 key headlinesExpress News | US Q2 GDP Growth Rate QoQ Adv 3.0% Vs 2.4% Forecast, Prior -0.5%
Regular session · Close 16:00 ET
QQQ+0.15%
SPY-0.12%
Recurring news themes
See which themes kept returning during the month and how many review days they appeared in.
01
AI
149 related news items · 30 review days
12.3%+0.3 pp vs prior 3 months
02China
94 related news items · 28 review days
7.7%-1.6 pp vs prior 3 months
03Tariffs
198 related news items · 27 review days
16.3%+1.1 pp vs prior 3 months
04Tesla
78 related news items · 27 review days
6.4%+0.6 pp vs prior 3 months
05Semiconductors
86 related news items · 26 review days
7.1%+0.0 pp vs prior 3 months
06FOMC
102 related news items · 24 review days
8.4%+1.5 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.
QQQ slips 0.78% while SPY holds flat amid tariff and Fed headlines
QQQ fell 0.78% while SPY finished essentially flat, leaving QQQ 0.79 percentage point behind. Powell linked delayed rate cuts to tariff uncertainty, while U.S. manufacturing and labor releases produced a mixed data picture. The Senate passed a broad tax and spending bill, and Meta expanded AI support and business tools for WhatsApp.
3 session driversTariffs complicate the rate path5 key headlinesExpress News | Federal Reserve Chairman Powell confirmed that the Fed would have lowered interest rates long ago if it weren't for Trump's tariff policies.
Regular session · Close 16:00 ET
QQQ-0.84%
SPY-0.05%
QQQ closes 0.72% higher alongside ADP weakness and a Vietnam trade deal
QQQ and SPY finished 0.72% and 0.48% above their previous closes after opening 0.15% and 0.06% lower. The day included a 33,000 decline in ADP private payrolls versus a 99,000 increase expected, Tesla's second-quarter production and deliveries, a U.S.-Vietnam tariff agreement, and Microsoft workforce and AI-chip updates.
3 session driversLabor data and rate context5 key headlinesUSA ADP Nonfarm Employment Change (Jun) -33K Vs 99K Est
Regular session · Close 16:00 ET
QQQ+0.70%
SPY+0.44%
QQQ gains 0.91% as firm jobs and services data reshape the rate outlook
QQQ gained 0.91%, outpacing SPY's 0.74% rise by 0.17 percentage point. Stronger-than-forecast payroll growth and lower unemployment showed labor resilience, while traders dropped July rate-cut bets. Services activity stayed in expansion, Bostic highlighted tariff-related price risks, and CoreWeave's GB300 system added an AI-infrastructure thread.
3 session driversLabor resilience and rates5 key headlinesU.S. June nonfarm payrolls rose 147,000 versus 110,000 forecast and 144,000 prior; unemployment was 4.1% versus 4.3% forecast and 4.2% prior
Regular session · Close 16:00 ET
QQQ+0.97%
SPY+0.79%
Independence Day closure leaves fiscal and tariff policy in focus
U.S. markets were closed for Independence Day, leaving QQQ at the prior close of 556.22 and SPY at 625.34. Trump signed the U.S. tax-and-spending bill and said 12 trade letters would be sent on Monday with tariff rates ranging from 10% to 70%. U.S.-EU talks entered a final weekend round without a breakthrough. Separate reports highlighted possible pressure on Tesla's regulatory-credit revenue and publisher complaints over Google's AI Overviews.
3 session driversFiscal policy5 key headlinesTrump signs the U.S. tax-and-spending bill
Market closed · No intraday price curve
Retail stock turnover hits $6.6 trillion as medical AI advances
U.S. markets were closed for the weekend, leaving QQQ at the prior close of 556.22 and SPY at 625.34. U.S. retail stock trading reached a record $6.6 trillion in the first half despite tariff uncertainty and market volatility. Microsoft said its AI diagnostic coordinator achieved high accuracy and argued that medical superintelligence is approaching. Elon Musk also said he had formed the America Party after his split with Trump, adding a political and governance thread around Tesla's chief executive.
3 session driversRetail market participation3 key headlinesU.S. retail stock trading reached a record $6.6 trillion in the first half
Market closed · No intraday price curve
Tariff deadlines and AI-chip curbs shape the weekend news flow
U.S. markets were closed for the weekend, leaving QQQ at the prior close of 556.22 and SPY at 625.34. Trade-policy headlines included a reported limited U.S.-India agreement with an average tariff near 10%, Bessent's August 1 timing for higher tariffs without deals, and Trump's additional 10% tariff statement for BRICS-aligned countries. The U.S. also considered new AI-chip export curbs for Malaysia and Thailand, while German industrial production rose 1.2% in May against a 0.6% decline expected. Tesla fell more than 6% in overnight trading after Musk's party announcement.
4 session driversTrade policy6 key headlinesTrump says BRICS-aligned countries face an additional 10% tariff
Market closed · No intraday price curve
Tariff escalation pulls both ETFs lower, with QQQ narrowly ahead
QQQ fell 0.79% and SPY fell 0.85%, leaving QQQ ahead by 0.06 percentage points. Trade-policy developments dominated as Bessent flagged more announcements and the U.S. set 25% tariffs on Japan and South Korea, while the revised-flat Employment Trends Index supplied the main labor-data context.
2 session driversTrade policy3 key headlinesExpress News | Trump announced that from August 1, a 25% tariff will be imposed on Japan and South Korea.
Regular session · Close 16:00 ET
QQQ-0.75%
SPY-0.73%
QQQ edges higher while SPY slips amid tariffs and easing inflation expectations
QQQ rose 0.09% while SPY fell 0.07%, leaving QQQ ahead by 0.16 percentage points. An August 1 tariff deadline and proposed semiconductor and copper duties kept trade policy central, while lower New York Fed inflation expectations and company-specific AI and Apple developments shaped the technology backdrop.
3 session driversTrade policy5 key headlinesTrump says tariffs will take effect August 1 with no extension
Regular session · Close 16:00 ET
QQQ+0.05%
SPY-0.06%
Nvidia's $4 trillion milestone accompanies a 0.64% QQQ advance
QQQ opened 0.38% above its prior close and finished 0.64% higher, while SPY opened 0.39% higher and ended up 0.54%. QQQ led by 0.10 percentage points at the final observation. Nvidia's $4 trillion market-cap milestone, a surprise crude-inventory build, TikTok's planned U.S. app separation, and the Federal Reserve minutes framed the session.
3 session driversNvidia and AI strength4 key headlinesBreaking through 4 trillion USD! NVIDIA sets a new record for the highest market cap of global companies | Financial Materials.
Regular session · Close 16:00 ET
QQQ+0.71%
SPY+0.59%
SPY gains 0.36% as QQQ fades to flat amid mixed policy signals
QQQ opened 0.13% above its prior close but finished essentially flat, down 0.02%. SPY opened 0.03% higher and ended up 0.36%, leading by 0.38 percentage points. Lower-than-forecast jobless claims, Fed officials' rate-cut signals, Nvidia's $4 trillion close, and the overnight 35% tariff announcement on Canada framed the day.
3 session driversLabor and rate path4 key headlinesExpress News | US Weekly Initial Jobless Claims 227000 Vs 235000 Forecast, Prior 232000
Regular session · Close 16:00 ET
QQQ-0.14%
SPY+0.29%
Trade and rate uncertainty frame declines of 0.35% for QQQ and 0.44% for SPY
QQQ opened 0.38% below its prior close and finished down 0.35%. SPY opened 0.49% lower and ended down 0.44%, leaving QQQ ahead by 0.09 percentage points. U.S.-China talks, an unexpectedly positive June federal budget balance, an energy-reserve exchange, and Goolsbee's warning that tariff threats could delay rate cuts framed the session.
3 session driversTrade-policy dialogue4 key headlinesSecretary Of State Rubio Said Meeting With China Was Very Constructive; Said Some Issues Still Need To Be Worked Through
Regular session · Close 16:00 ET
QQQ-0.22%
SPY-0.35%
Tariff action, Nvidia scrutiny and Meta's AI deal shape weekend news
U.S. markets were closed for the weekend, leaving QQQ at the prior close of 554.21 and SPY at 623.61. Trump said 30% tariffs on imports from the EU and Mexico would begin August 1. U.S. senators warned Nvidia CEO Jensen Huang that his planned China trip could undermine export controls. Meta also completed its acquisition of AI voice startup PlayAI, whose team was set to join the company the following week.
3 session driversTariff policy3 key headlinesExpress News | Trump: Starting from August 1, a 30% tariff will be imposed on the EU and Mexico respectively.
Market closed · No intraday price curve
Powell pressure, tariff coordination and chip transit rules lead the closed-market agenda
U.S. markets were closed for the weekend, leaving QQQ at the prior close of 554.21 and SPY at 623.61. White House adviser Kevin Hassett said a president could fire Federal Reserve Chair Jerome Powell with sufficient cause, while the Fed separately answered criticism over renovation overruns. The EU sought coordination with Canada and Japan on U.S. tariffs as China said both sides were implementing the London trade framework. Malaysia began requiring permits for U.S.-origin AI-chip shipments to China. Amazon-related U.S. online sales rose more than 30% during the Prime Day period.
4 session driversFederal Reserve governance pressure4 key headlinesWhite House adviser says a president can fire Powell with sufficient cause
Market closed · No intraday price curve
AI expansion and tariff measures accompany a 0.27% QQQ gain
QQQ finished 0.27% higher and SPY gained 0.08%, leaving QQQ ahead by 0.19 percentage points after both opened slightly lower. Trade policy stayed active as the EU prepared an $84 billion levy list while U.S. tariff negotiations remained open. Cleveland Fed President Beth Hammack said inflation was still too high for easing. AI announcements included federal contracts capped at $200 million for each of four frontier labs, Meta's plan for a supercluster above 1 gigawatt, and Nvidia's H20 sales restart in China. Overnight data showed China's year-to-date Q2 GDP up 5.3% versus 5.1% expected and June industrial production up 6.8% versus 5.6% expected.
4 session driversTrade-policy measures6 key headlinesFed's Hammack says inflation remains too high and policy should stay restrictive
Regular session · Close 16:00 ET
QQQ+0.36%
SPY+0.18%
Hot CPI and rate pressure accompany a flat QQQ and 0.60% SPY decline
QQQ opened 0.74% above the prior close but lost 0.67 percentage points during regular trading and another 0.17 points after hours to finish essentially flat. SPY opened 0.44% higher and ended down 0.60%, leaving QQQ ahead by 0.53 points. June CPI rose 2.7% from a year earlier, above the 2.6% forecast, while Trump called for a 3-point rate cut. Trade and technology headlines included a U.S.-Indonesia tariff deal at 19%, AMD's planned resumption of MI308 exports to China, and a reported Microsoft program security risk.
3 session driversInflation and rate path5 key headlinesExpress News | US Jun. CPI YoY +2.7% Vs +2.6% Forecast, Prior +2.4%
Regular session · Close 16:00 ET
QQQ+0.09%
SPY-0.43%
SPY leads by 0.20 points as softer PPI meets shifting Fed and trade signals
QQQ opened 0.11% above the prior close but finished 0.03% lower, while SPY opened up 0.26% and retained a 0.17% gain. SPY led by 0.20 percentage points. June producer prices were softer than forecast, and Trump later said firing Powell was highly unlikely after an earlier report suggested the opposite. Technology and trade news included processing of Nvidia H20 licenses for Chinese customers, TSMC earnings above estimates, and a proposed uniform 10%-15% tariff for more than 150 countries.
3 session driversInflation and Fed path5 key headlinesExpress News | US June PPI YoY +2.3% Vs +2.5% Forecast, Prior +2.6%
Regular session · Close 16:00 ET
QQQ+0.11%
SPY+0.33%
Firm retail data and AI launches frame gains of 0.91% for QQQ and 0.72% for SPY
QQQ opened 0.13% above the prior close, gained 0.66 percentage points during regular trading and another 0.13 points after hours to end up 0.91%. SPY opened 0.04% higher and ended up 0.72%, leaving QQQ ahead by 0.19 points. June retail sales rose 0.6% from May versus 0.1% expected, initial claims came in at 221,000 versus 235,000 expected, and the Philadelphia Fed index reached 15.9 versus -1.2 expected. Other contexts included a reported 93.5% tariff on a key Chinese battery material, OpenAI's ChatGPT Agent launch, and Waller's call for a 25-basis-point cut.
4 session driversStronger growth data6 key headlinesExpress News | US June Retail Sales MoM +0.6% Vs +0.1% Forecast, Prior -0.9%
Regular session · Close 16:00 ET
QQQ+0.81%
SPY+0.60%
Opening gains fade as tariff and rate signals leave QQQ down 0.06%, behind SPY
QQQ opened 0.24% above the prior close, lost 0.23 percentage points during regular trading and recovered 0.03 points after hours to end down 0.06%. SPY opened 0.20% higher and ended down 0.02%, finishing 0.04 points ahead of QQQ. July consumer sentiment reached 61.8 versus 61.5 expected as inflation expectations eased, while proposed 15%-20% tariffs on EU goods and Fed comments kept the inflation and rate path in focus. Nvidia H20 export policy and the signing of the GENIUS Act added technology and digital-asset policy context.
3 session driversConsumer data and inflation4 key headlinesU.S. preliminary University of Michigan consumer sentiment for July was 61.8 versus 61.5 expected and 60.7 prior
Regular session · Close 16:00 ET
QQQ-0.10%
SPY-0.07%
NVIDIA H20 supply limits coincide with renewed debate over Powell's tenure
Markets were closed. The day's retained headlines centered on limited NVIDIA H20 inventory for China, Bessent's opposition to dismissing Powell, U.S.-Japan trade negotiations, and Jensen Huang's latest share sale.
3 session driversNVIDIA China supply4 key headlinesReport: NVIDIA H20 inventory is limited, with no current plan to resume production
Market closed · No intraday price curve
Japan election defeat, tariff deadline and airline outage shape a closed-market day
Markets were closed. Retained headlines centered on Japan's ruling-coalition election defeat, the August 1 U.S. tariff deadline, reported limits on canceling SpaceX government contracts, Stellantis's preliminary loss, and Alaska Air's nationwide ground stop.
3 session driversJapan election risk5 key headlinesJapan's ruling coalition suffers a crushing upper-house election defeat as budget uncertainty grows
Market closed · No intraday price curve
QQQ gains 0.54% as trade, Fed and technology developments fill the session
QQQ gained 0.54% and SPY rose 0.24%, leaving QQQ ahead by 0.30 percentage points. US-EU trade friction, proposed secondary tariffs and reported tariff costs at Stellantis defined the trade backdrop. Powell's position and Federal Reserve governance remained in focus through comments, a criminal referral and a later White House statement that Trump had no plan to dismiss him. Microsoft SharePoint attacks, Taiwan Semiconductor's planned fabs and mixed AI infrastructure developments added a technology and security layer. A softer June Leading Index and the CBO's $3.4 trillion deficit estimate framed the macro and fiscal setting.
4 session driversTrade and tariff pressure5 key headlinesProspects for a US-EU trade agreement dim as the European Union considers a nuclear option for countermeasures
Regular session · Close 16:00 ET
QQQ+0.52%
SPY+0.19%
SPY closes higher and QQQ lower as Japan trade and AI infrastructure headlines emerge
SPY gained 0.28% while QQQ fell 0.34%, leaving SPY ahead by 0.61 percentage points. Trade news ranged from possible additional US tariff letters to agreements with the Philippines and Japan, followed by plans for another round of US-China talks. Macro readings included 5.1% year-over-year Redbook retail growth, a Richmond Manufacturing Index of -20 versus a -2 estimate and softer-than-expected Bank of Japan core inflation. OpenAI's expanded Oracle data-center agreement, xAI chip financing, Micron's radiation-tolerant NAND launch and weaker Tesla registrations added a mixed technology backdrop.
3 session driversTrade agreements and tariffs5 key headlinesIMF warns: Tariffs are not a panacea, and escalating geopolitical tensions may trigger changes!
Regular session · Close 16:00 ET
QQQ-0.51%
SPY+0.01%
SPY rises 0.92%, edging QQQ as housing softens and tariff details widen
SPY rose 0.92% and QQQ gained 0.79%, leaving SPY ahead by 0.13 percentage point. June existing-home sales missed the estimate and fell 2.7% from May. New details on the Japan trade agreement, a planned copper tariff and a broader 15%-50% tariff statement kept trade policy prominent. Bessent said one or two rate cuts could occur this year, while technology updates included Meta's gesture-control wristband and new AI infrastructure plans.
3 session driversTrade terms broaden5 key headlinesWhite House: Japan will buy 100 Boeing planes, raise rice purchases 75%, buy $8 billion of agricultural and other products, and increase annual U.S. defense purchases to $17 billi…
Regular session · Close 16:00 ET
QQQ+0.46%
SPY+0.84%
Google's $85 billion capex outlook and mixed data accompany QQQ's 0.35% gain
QQQ gained 0.35% and SPY rose 0.19%, leaving QQQ ahead by 0.16 percentage point. Google's strong second-quarter results and $85 billion capital-spending forecast, Tesla's weaker profit but improving margin, and the U.S. AI Action Plan kept technology investment prominent. U.S. data were mixed. Initial jobless claims were 217,000 versus a 226,000 forecast, services PMI exceeded expectations, manufacturing PMI missed, and new-home sales reached 627,000 versus 649,000 expected.
3 session driversAI spending meets earnings6 key headlinesTrump administration releases AI Action Plan centered on innovation, infrastructure, and international diplomacy and security
Regular session · Close 16:00 ET
QQQ+0.23%
SPY+0.03%
SPY rises 0.48% amid mixed capital-spending data and tariff signals
SPY ended up 0.48%, ahead of QQQ's 0.36% gain by 0.12 percentage points. Durable-goods and core capital-goods data sent mixed signals about business spending. Tariff letters, rate-cut commentary and a planned U.S.-EU meeting shaped the policy backdrop. Intel's loss guidance and networking-unit separation, together with Anthropic's funding talks, supplied major technology context.
3 session driversMixed capital-spending data6 key headlinesU.S. June core capital-goods orders unexpectedly fall 0.7%
Regular session · Close 16:00 ET
QQQ+0.24%
SPY+0.41%
Canada tariff risk, strategic technology initiatives and Waymo regulation lead Saturday headlines
U.S. markets were closed. Saturday headlines centered on Trump's warning that U.S.-Canada trade talks could be abandoned, his dollar-policy comments, reported bidding for the Golden Dome program, China's proposed global AI organization, and the closure of Waymo's federal safety probe.
3 session driversTrade and currency policy5 key headlinesTrump says U.S. may abandon Canada trade talks and impose steep tariffs
Market closed · No intraday price curve
U.S.-EU tariff accord, Fed pressure and chip policy dominate Sunday news
U.S. markets were closed. Sunday news centered on a 15% U.S.-EU tariff agreement and its disputed details, pressure surrounding the Federal Reserve, a coming U.S. chip-import decision, Tesla's $16.5 billion Samsung contract, and reported changes to China export controls.
3 session driversTariff agreements and enforcement5 key headlinesThe United States and the European Union reached a tariff agreement at a 15% rate, with the EU to increase U.S. investment by $600 billion.
Market closed · No intraday price curve
QQQ outpaces a flat SPY as tariff signals meet Dallas Fed and AI updates
QQQ opened 0.24% above its previous close and finished up 0.48%, while SPY opened 0.06% higher and ended essentially flat at 0.04%. The day included a proposed 15% to 20% global tariff range, stronger Dallas Fed business conditions, Microsoft and META AI product developments, and U.S.-China talks scheduled to resume Tuesday.
3 session driversTariff policy and trade talks5 key headlinesExpress News | Trump: Global tariff rates will be between 15% and 20%.
Regular session · Close 16:00 ET
QQQ+0.32%
SPY-0.03%
Chip investment and tariff negotiations frame a mixed session as SPY slips 0.24%
QQQ opened 0.46% above its previous close and finished down 0.06%, while SPY opened 0.22% higher and ended down 0.24%. QQQ therefore outperformed SPY by 0.17 percentage point. The session featured Samsung's $7 billion U.S. chip-packaging plan, a reported €40 billion EU AI-chip purchase intention, mixed labor and confidence data, and continued China tariff negotiations.
3 session driversTariff negotiations and company exposure5 key headlinesSamsung plans a $7 billion U.S. chip-packaging factory after securing a Tesla order
Regular session · Close 16:00 ET
QQQ-0.14%
SPY-0.27%
QQQ closes up 1.18%, 0.60 points ahead of SPY after a Fed swing and mega-cap results
QQQ opened 0.16% above its previous close and finished up 1.18%. SPY opened 0.11% higher and gained 0.58%, leaving QQQ ahead by 0.60 percentage point. Better-than-forecast second-quarter GDP arrived alongside slightly firmer core PCE. The Fed hold, tariff-inflation commentary, a copper tariff order, and Meta and Microsoft earnings defined the later moves.
4 session driversGrowth and inflation data6 key headlinesExpress News | US Q2 GDP Growth Rate QoQ Adv 3.0% Vs 2.4% Forecast, Prior -0.5%
Regular session · Close 16:00 ET
QQQ+0.15%
SPY-0.12%
Early rally reverses: QQQ ends down 0.78% alongside inflation, policy and earnings headlines
QQQ opened 1.15% above its previous close but finished down 0.78%. SPY opened 0.79% higher and closed down 0.53%, leaving SPY ahead by 0.24 percentage point. Core PCE was 2.8% versus 2.7% expected, initial claims were 218,000 versus 224,000 expected, and Chicago PMI reached 47.1 versus 41.9 expected. Pharmaceutical pricing policy, tariff orders, and Amazon and Apple earnings added to the later headline flow.
4 session driversInflation, labor and activity data6 key headlinesExpress News | US Jun. Core PCE Price Index YoY +2.80% Vs +2.70% Forecast, Prior +2.80%
Regular session · Close 16:00 ET
QQQ-0.53%
SPY-0.39%