November 2025
Replay November 2025 through QQQ/SPY closing paths, intraday turns, recurring news themes, and every daily curve.
- Review days
- 30
- Trading days
- 19
- News
- 757
- Recurring news themes
- 6
Monthly performance
QQQ ended at -1.57% and SPY at +0.19% 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
QQQ gains 2.67% and leads SPY amid rate-cut and AI policy headlines
QQQ rose 2.67% through the overnight close while SPY gained 1.54%, leaving QQQ ahead by 1.13 percentage points. The session's main context included Waller's support for a December rate cut, deliberations over advanced Nvidia chip sales to China, Amazon's U.S. government AI investment, a possible Meta purchase of Google TPUs, and the Genesis Initiative for AI-led research.
Strong payrolls and Fed caution accompany QQQ's 3.86-point reversal from its opening gain
QQQ and SPY opened 1.69% and 1.22% above the prior close and climbed further in late morning before reversing through the regular session and extending losses after hours. By 04:00 ET, QQQ was down 2.18% and SPY was down 1.24%, leaving QQQ 0.93 percentage points behind SPY. September payrolls beat forecasts while unemployment rose to 4.4%, and cautious Fed messaging remained in view. Semiconductor-tariff reports and developments around a U.S. draft plan for Ukraine formed the wider policy backdrop.
QQQ gains 2.31% and leads SPY amid Fed signals and overnight data
QQQ opened 1.55% higher and finished up 2.31%, while SPY opened 0.96% higher and ended up 1.59%. QQQ led by 0.72 percentage points. Fed commentary ranged from Daly's emphasis on softer labor conditions and Musalem's caution about limited easing room to Miran's call for a December cut. Treasury and IRS guidance addressed crypto ETP staking. Overnight data showed U.K. unemployment at 5.0%, above both the estimate and prior reading.
QQQ drops 2.02% with shutdown data gaps and Fed restraint in view
QQQ opened 0.19% lower and ended down 2.02%, while SPY opened 0.20% lower and finished down 1.58%. SPY led by 0.44 percentage points. Hassett said the October jobs report would omit the unemployment rate and estimated a 1.5% hit to fourth-quarter GDP from the shutdown. Hammack kept service inflation and restrictive policy in focus. AI competition and chip-export controls remained prominent, while China's October industrial output growth slowed to 4.9%.
QQQ sheds 1.33% and trails SPY as Cloudflare disruption and AI investment mark the session
QQQ declined 1.33% and SPY fell 0.86%, leaving QQQ behind by 0.47 percentage points. Both ETFs opened lower, reached their session lows around midday and recovered part of the drop before weakening again after hours. A Cloudflare outage, Gemini 3 details, Fed commentary, the Microsoft-NVIDIA-Anthropic partnership and a Saudi investment announcement provided the main session context.
Friday closes higher, with QQQ ahead of SPY as CME and tech developments shape the day
QQQ rose 0.79% and SPY added 0.57%, leaving QQQ ahead by 0.22 percentage points. CME's outage and restart, a 30% quarterly rise in global DRAM sales, AI and cloud-regulation developments, and Black Friday online spending provided the main context.
Recurring news themes
See which themes kept returning during the month and how many review days they appeared in.
AI
163 related news items · 30 review days
Semiconductors
88 related news items · 28 review days
China
70 related news items · 25 review days
Tesla
45 related news items · 25 review days
Nvidia
55 related news items · 24 review days
FOMC
100 related news items · 23 review days
Topic counts are descriptive coverage measures. They do not measure price impact.
Official event-study dates
No published official-release study date falls inside the current coverage.
All daily reviews
Trading days show QQQ/SPY closing moves alongside the day’s news. Market-closed dates keep their news timelines.
China rare-earth relief meets a dovish Fed signal as AI capacity expands
Markets were closed, leaving QQQ at 629.19 and SPY at 681.99 from Friday's regular close. The White House said China would effectively eliminate rare-earth curbs and end probes of U.S. firms. Fed Governor Christopher Waller backed continued rate cuts in December as employment faced a risk of slowing, while OpenAI and Amazon reported fresh scale in revenue and computing capacity.
Market closed · No intraday price curve
OPEC+ pause, chip-access signals and growth concerns shape closed-market news
Markets were closed, leaving QQQ at 629.19 and SPY at 681.99 from Friday's regular close. OPEC+ members approved a 137,000 barrels/day increase for December and paused further increases through March 2026. Trump said Nvidia's Blackwell chip would not be made available to other people, while Satya Nadella said electricity and data-center space were limiting deployment of additional AI chips. China's Caixin manufacturing PMI came in at 50.6 versus a 50.7 estimate and 51.2 prior, as the U.S. government shutdown neared a record and Scott Bessent said parts of the economy were in recession while overall conditions remained sound.
Market closed · No intraday price curve
Early gains fade as QQQ keeps a narrow lead amid AI deals and factory data
QQQ opened 0.95% higher and SPY gained 0.53% at the open, but the advance faded during the session. QQQ finished up 0.11% while SPY slipped 0.02%, leaving QQQ ahead by 0.14 percentage points. AI infrastructure demand remained prominent as IREN signed a $9.7 billion Microsoft agreement and AWS announced a $38 billion OpenAI computing partnership. The October ISM manufacturing PMI fell to 48.7, below the 49.5 estimate, while Fed Governor Lisa Cook said policy was not on a preset path. U.S. approval for Microsoft to export NVIDIA AI chips for use in the UAE added a separate cross-border technology policy development.
QQQ drops 2.67% as AI spending and Asian losses frame a risk-off day
QQQ opened down 1.50% and finished 2.67% lower, while SPY opened down 1.10% and lost 1.61%. SPY led by 1.06 percentage points as QQQ underperformed and extended its decline after hours and overnight. AI investment stayed in focus as Microsoft's neocloud commitments surpassed $60 billion and AMD beat quarterly earnings and revenue estimates. The Senate failed to pass an appropriations bill as the shutdown headed for a duration record. Overnight, South Korea's KOSPI fell 6% and triggered a circuit breaker, while China suspended 24% additional tariffs on U.S. goods for one year and the United States cut fentanyl-related tariffs to 10% from 20%.
QQQ rebounds 0.50% as services expand and AI rules tighten
QQQ opened down 0.04% and finished 0.50% higher, while SPY opened essentially flat and gained 0.30%. QQQ led by 0.20 percentage points. October private employment rose by 42K, above the 32K estimate. The S&P Global services PMI was 54.8, and the ISM services PMI reached 52.4 against a 50.8 estimate. China restricted foreign AI chips in state-funded data centers, while U.S. Supreme Court justices questioned the legality of broad tariffs. After the close, Qualcomm and ARM Holdings reported adjusted earnings and revenue above estimates, as both ETFs gave back part of the regular-session advance.
Labor signals and divided Fed guidance weigh on tech as QQQ falls 1.59%
QQQ opened 0.30% higher but finished down 1.59%, while SPY opened 0.26% higher and ended 0.84% lower. SPY led by 0.76 percentage points as both ETFs reversed premarket gains and reached their session lows around 13:27 ET. Labor indicators softened. Challenger reported October layoffs up 175% year over year, the Chicago Fed estimated unemployment at 4.36% versus 4.14% a year earlier, and Revelio Labs reported a 9,100 decline in October nonfarm payrolls after a 33,000 increase. Fed officials offered differing signals on further rate cuts, while OpenAI's Sam Altman said the company neither has nor wants government guarantees for its data centers.
SPY ends 0.31% higher as sentiment and AI headlines shape a rebound
QQQ opened 0.66% lower but finished 0.08% higher, while SPY opened 0.44% lower and ended up 0.31%. SPY led by 0.23 percentage points as both ETFs recovered from weak opens. The preliminary Michigan sentiment index fell to 50.3, its lowest since June 2022, and the shutdown prevented a second consecutive payroll report. Meta outlined more than $600 billion of U.S. investment through 2028, while Fed news covered reserve-management purchases and policy uncertainty as a financial-stability risk.
Healthcare policy, AI cloud plans and geopolitical risk top weekend news
U.S. markets were closed, leaving QQQ and SPY unchanged with neither leading. Healthcare policy, Amgen's Phase 3 result, North Korean missile risk, and new AI business signals defined the weekend.
Market closed · No intraday price curve
Senate funding vote and chip pricing define Sunday headlines
U.S. markets were closed, leaving QQQ and SPY unchanged. The Senate's temporary funding bill, Trump's tariff-dividend proposal, SanDisk's NAND price increase, TSMC revenue growth and Microsoft's ROCm toolkit set the day's context.
Market closed · No intraday price curve
QQQ gains 2.31% and leads SPY amid Fed signals and overnight data
QQQ opened 1.55% higher and finished up 2.31%, while SPY opened 0.96% higher and ended up 1.59%. QQQ led by 0.72 percentage points. Fed commentary ranged from Daly's emphasis on softer labor conditions and Musalem's caution about limited easing room to Miran's call for a December cut. Treasury and IRS guidance addressed crypto ETP staking. Overnight data showed U.K. unemployment at 5.0%, above both the estimate and prior reading.
SPY leads QQQ by 0.40 points in a mixed session of AI and labor signals
QQQ opened 0.52% lower and finished down 0.12%, while SPY opened 0.29% lower and ended up 0.28%. SPY led by 0.40 percentage points. Labor signals included average private-sector job losses of 11,250 every two weeks and a 5.9% rise in the Johnson Redbook retail-sales index. AI capital headlines ranged from SoftBank's $15 billion Nvidia and T-Mobile stake sales to Microsoft and Alphabet data-center investments. AMD also set multi-year data-center and earnings targets.
Shutdown ends as Fed caution and AI spending accompany QQQ’s 0.32% slip
QQQ opened 0.58% higher and finished down 0.32%, while SPY opened 0.32% higher and ended down 0.13%. SPY led by 0.18 percentage points. The government shutdown ended after the temporary funding bill was signed. Fed officials kept inflation risks in focus, while Treasury signaled stable coupon-auction sizes. Anthropic outlined a $50 billion U.S. AI infrastructure investment. Overnight, U.K. quarterly GDP grew 0.1%, below the 0.2% estimate and the prior 0.3%.
QQQ drops 2.02% with shutdown data gaps and Fed restraint in view
QQQ opened 0.19% lower and ended down 2.02%, while SPY opened 0.20% lower and finished down 1.58%. SPY led by 0.44 percentage points. Hassett said the October jobs report would omit the unemployment rate and estimated a 1.5% hit to fourth-quarter GDP from the shutdown. Hammack kept service inflation and restrictive policy in focus. AI competition and chip-export controls remained prominent, while China's October industrial output growth slowed to 4.9%.
QQQ reverses a 1.51% opening drop to gain 0.49% as Fed divergence and AI investment lead
QQQ opened down 1.51% and finished up 0.49%, while SPY opened down 1.06% and ended up 0.19%. QQQ led by 0.29 percentage points. Schmid said inflation concerns extended beyond tariffs and outlined tools to support a smaller Fed balance sheet and ease liquidity. Miran favored rate cuts, while Logan saw year-end PCE inflation near 2.9% and favored modest restraint. Google announced a $40 billion Texas AI investment plan, and Trump later signed an order lowering tariffs on several agricultural imports.
Saturday focus turns to tariff costs, Tesla's reported sourcing plan and AI credit risk
U.S. markets were closed, leaving QQQ and SPY unchanged. A $29 billion tariff-cost report, Tesla's reported effort to reduce Chinese-made parts in U.S.-built cars, a domestic chip-supply plan and AI5 volume timeline, and a surge in Oracle CDS trading set the day's context.
Market closed · No intraday price curve
Markets rest amid Fed uncertainty and rare-earth diplomacy
US markets were closed, leaving QQQ and SPY unchanged. Goldman Sachs uncertainty over the December rate-cut path, a Citi balance-sheet forecast, Bessent rare-earth comments, stronger-than-expected Japanese industrial output, and the $634 million Apple patent verdict formed the day context.
Market closed · No intraday price curve
QQQ and SPY fall about 1% in a session framed by a Fed rate divide and EU cloud scrutiny
QQQ fell 1.00% and SPY declined 0.99%, leaving SPY ahead by about 0.02 percentage points. Fed Vice Chair Jefferson called for caution as rates approached neutral, while Governor Waller backed a quarter-point December cut. EU tariff and cloud-policy developments, Amazon's $15 billion bond sale for rising AI spending, and China's protest over U.S. arms sales to Taiwan rounded out the session context.
QQQ sheds 1.33% and trails SPY as Cloudflare disruption and AI investment mark the session
QQQ declined 1.33% and SPY fell 0.86%, leaving QQQ behind by 0.47 percentage points. Both ETFs opened lower, reached their session lows around midday and recovered part of the drop before weakening again after hours. A Cloudflare outage, Gemini 3 details, Fed commentary, the Microsoft-NVIDIA-Anthropic partnership and a Saudi investment announcement provided the main session context.
Gemini 3 and Nvidia earnings frame QQQ's 2.22% advance, 0.71 points ahead of SPY
QQQ gained 2.22% and SPY rose 1.51%, leaving QQQ ahead by 0.71 percentage points. Both ETFs opened higher but slipped modestly from the regular-session start to finish. Much of the measured advance came after hours, when Nvidia's earnings reinforced the AI focus. Gemini 3, Fed minutes and employment-data uncertainty, a U.S.-Saudi AI partnership, and a reported Ukraine peace framework supplied the main context.
Strong payrolls and Fed caution accompany QQQ's 3.86-point reversal from its opening gain
QQQ and SPY opened 1.69% and 1.22% above the prior close and climbed further in late morning before reversing through the regular session and extending losses after hours. By 04:00 ET, QQQ was down 2.18% and SPY was down 1.24%, leaving QQQ 0.93 percentage points behind SPY. September payrolls beat forecasts while unemployment rose to 4.4%, and cautious Fed messaging remained in view. Semiconductor-tariff reports and developments around a U.S. draft plan for Ukraine formed the wider policy backdrop.
QQQ gains 1.09%, with Fed signals diverging and U.S. activity data firm
QQQ and SPY finished 1.09% and 1.17% above the prior close by 04:00 ET, with SPY ahead by 0.07 percentage points. Regular-session gains were followed by an after-hours pullback and a modest overnight recovery. Fed officials offered a mixed policy picture. Williams said near-term cuts remained possible, while other officials favored holding rates. U.S. services PMI beat forecasts, and Michigan sentiment beat estimates but remained below its prior reading. Eurozone activity stayed in expansion while the U.K. composite PMI weakened more than expected.
Fed rate-cut resistance and a 28-point Ukraine proposal lead Saturday's news
U.S. equity markets were closed, leaving no fresh QQQ or SPY session move. The day's key context centered on growing resistance to a December Fed cut, a 28-point Ukraine peace proposal, and the remedies phase of Google's digital-advertising antitrust case.
Market closed · No intraday price curve
AI financing and Malaysia's platform rules dominate Sunday's closed-market news
U.S. equity markets were closed, leaving no fresh QQQ or SPY session move. The day's main context included heavy bond financing for AI investment, Tesla's chip production plans, Malaysia's proposed under-16 social-media restrictions, and the economic cost of the government shutdown.
Market closed · No intraday price curve
QQQ gains 2.67% and leads SPY amid rate-cut and AI policy headlines
QQQ rose 2.67% through the overnight close while SPY gained 1.54%, leaving QQQ ahead by 1.13 percentage points. The session's main context included Waller's support for a December rate cut, deliberations over advanced Nvidia chip sales to China, Amazon's U.S. government AI investment, a possible Meta purchase of Google TPUs, and the Genesis Initiative for AI-led research.
SPY gains 1.08% and leads QQQ after a morning dip amid macro and Fed-chair news
QQQ gained 0.78% and SPY gained 1.08%, leaving SPY ahead by 0.29 percentage points. Both opened nearly flat, fell to morning lows, then recovered through the afternoon and after-hours session. Inflation, retail and confidence releases, Fed-chair reporting, and the Ukraine peace-plan update were the main contexts.
QQQ gains 1.04% and edges SPY as AI policy and mixed macro signals frame the session
QQQ gained 1.04% and SPY gained 0.79%, leaving QQQ ahead by 0.24 percentage points. Lower initial jobless claims, a weaker Chicago PMI, China's reported restriction on Nvidia chips for ByteDance data centers, and the Fed's Beige Book provided the main context.
Thanksgiving closure leaves QQQ and SPY unchanged as labor and semiconductor news sets the backdrop
U.S. equity markets were closed for Thanksgiving, leaving QQQ and SPY unchanged at the prior regular close. The day's main context included a weaker seasonal-jobs outlook, Apple's Indian antitrust challenge, U.S. pressure for more semiconductor investment, and new developments in the TSMC and Intel trade-secret dispute.
Market closed · No intraday price curve
Friday closes higher, with QQQ ahead of SPY as CME and tech developments shape the day
QQQ rose 0.79% and SPY added 0.57%, leaving QQQ ahead by 0.22 percentage points. CME's outage and restart, a 30% quarterly rise in global DRAM sales, AI and cloud-regulation developments, and Black Friday online spending provided the main context.
Saturday closure puts Ukraine developments alongside AI debt, chip and Tesla reports
U.S. markets were closed on Saturday, so QQQ and SPY remained at the prior regular close. Reports on proposed Ukraine peace terms and Black Sea tanker attacks appeared alongside AI infrastructure debt, a possible Apple-Intel chip arrangement, and Tesla's early India sales.
Market closed · No intraday price curve
Sunday closure leaves central-bank signals, oil policy and spending data in focus
QQQ and SPY remained unchanged during Sunday's market closure, with neither index leading. The next Fed chair and clearer BOJ tightening signals shaped the policy backdrop. OPEC+ kept its production plan in place, while Black Friday online spending reached a record $11.8 billion and manufacturing readings weakened in China and France.
Market closed · No intraday price curve