Official U.S. CPI releaseTue, Jan 13December 2025
QQQ / SPY · Complete month
January 2026
Replay January 2026 through QQQ/SPY closing paths, intraday turns, recurring news themes, and every daily curve.
- Review days
- 31
- Trading days
- 20
- News
- 1,147
- Recurring news themes
- 6
Jan 1, 2026 — Jan 31, 2026
Monthly performance
QQQ ended at +1.22% and SPY at +1.46% 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 sessionBusiest news day
QQQ gains 1.67% as Greenland de-escalation and Fed headlines frame the rebound
QQQ opened 0.24% below its previous close and finished up 1.67%. SPY opened 0.15% lower and ended up 1.38%, leaving QQQ ahead by 0.29 percentage point. Greenland tensions eased as Trump ruled out force and later announced an agreement framework while withdrawing tariffs scheduled for February 1. December pending home sales fell 9.3% from the prior month versus a 0.3% expected decline. Supreme Court arguments over the attempted removal of Fed Governor Lisa Cook and a narrowing Fed-chair shortlist kept central-bank leadership in view. OpenAI's reported talks for a $50 billion funding round extended the day's AI capital theme.
3 session driversGreenland policy de-escalation6 key headlinesTrump Announces a Greenland Agreement Framework and Withdraws Tariffs Set for February 1
Regular session · Close 16:00 ET
QQQ+1.33%
SPY+1.14%
Weakest QQQ sessionWeakest SPY session
QQQ and SPY finish near 2% lower as trade-policy risk stays in focus
QQQ opened 1.70% below its previous close and finished down 1.98%. SPY opened 1.39% lower and ended down 1.88%, outperforming QQQ by 0.10 percentage point. Tariff uncertainty remained prominent as the Supreme Court issued no ruling on the global-tariff challenge and the European Parliament froze approval of the EU-U.S. trade agreement. ADP's weekly measure slowed to 8,000 private-sector jobs per week from 11,750, while Bessent said the next Federal Reserve chair choice could come next week. G42's expected deliveries of advanced Nvidia, AMD and Cerebras chips kept AI infrastructure in view.
3 session driversTrade-policy uncertainty5 key headlinesU.S. Supreme Court Does Not Issue Ruling In Challenge To Legality Of Trump's Global Tariffs
Regular session · Close 16:00 ET
QQQ-2.13%
SPY-2.03%
Largest QQQ–SPY divergence
Warsh nomination and firm data frame a 1.46% QQQ drop, 0.95 points behind SPY
QQQ opened 0.54% below the previous close and ended down 1.46%. SPY opened 0.34% lower and finished down 0.51%, leaving QQQ 0.95 percentage points behind. Kevin Warsh's Fed chair nomination and comments from Fed officials kept leadership and interest-rate policy in focus. December producer prices rose 3.0% from a year earlier against a 2.7% forecast, while core PPI increased 0.7% from the prior month versus a 0.2% estimate. Chicago PMI reached 54.0 against 43.5 expected. Alibaba's new AI chip, China-approved H200 purchases and the reported pause in Nvidia's OpenAI agreement broadened the technology backdrop, while shutdown plans added late policy risk.
3 session driversFed leadership and rate policy6 key headlinesExpress News | Kevin Warsh has been nominated as the Chair of the Federal Reserve.
Regular session · Close 16:00 ET
QQQ-1.21%
SPY-0.32%
Strongest intraday rebound
QQQ slides 0.85% while factory orders and tech earnings dominate the news flow
QQQ opened 0.08% above the previous close and ended down 0.85%. SPY opened 0.20% higher and finished 0.39% lower, leaving QQQ behind by 0.46 percentage points. Factory orders rose 2.7% against a 1.7% estimate, while jobless claims and comments about the next Fed chair added policy context. Microsoft’s sell-off, Apple’s record revenue and SanDisk’s corrected guidance shaped the earnings backdrop. Amazon’s OpenAI talks and policy headlines involving Iran, Cuba and government funding broadened the session’s risk picture.
4 session driversMacro data and rate signals6 key headlinesUSA Factory Orders (MoM) For November 2.7% Vs 1.7% Est
Regular session · Close 16:00 ET
QQQ-0.61%
SPY-0.21%
Calmest session
QQQ leads gains as an ISM miss meets AI and Venezuela updates
QQQ opened the regular session 0.60% above its previous close and stood 0.70% higher by 4:00 a.m. ET the next day. SPY opened 0.20% higher and ended the period up 0.62%, leaving QQQ ahead by 0.08 percentage points. December ISM manufacturing PMI came in at 47.9 versus 48.3 expected. AI hardware headlines included planned 60%-70% server DRAM price increases and Nvidia's Alpamayo and Rubin roadmap. Venezuela coverage focused on planned U.S. talks with oil executives and possible support for rebuilding the country's energy infrastructure.
3 session driversManufacturing data and session gains5 key headlinesUSA ISM Manufacturing PMI For December 47.9 Vs 48.3 Est.
Regular session · Close 16:00 ET
QQQ+0.79%
SPY+0.67%
Recurring news themes
See which themes kept returning during the month and how many review days they appeared in.
01
AI
231 related news items · 30 review days
15.9%-1.0 pp vs prior 3 months
02Semiconductors
153 related news items · 28 review days
10.5%+0.6 pp vs prior 3 months
03Geopolitics
123 related news items · 27 review days
8.5%+4.0 pp vs prior 3 months
04Tesla
73 related news items · 27 review days
5.0%+0.6 pp vs prior 3 months
05Oil
100 related news items · 26 review days
6.9%+2.6 pp vs prior 3 months
06China
83 related news items · 26 review days
5.7%-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.
New Year closure puts Iran, cable security and AI hardware in focus
U.S. markets were closed for New Year's Day. Reports described a nationwide shutdown, intensifying protests and a leadership reshuffle in Iran while oil was down 20%. Finnish authorities also seized a Russian cargo vessel suspected of damaging undersea telecommunications cables. In technology, Enflame Technology completed IPO coaching, Apple scaled back Vision Pro production and marketing after weak sales, and OpenAI reportedly shifted manufacturing of its first AI hardware project to Foxconn. New U.S. rules require providers to collect a 1% tax on eligible cross-border remittances.
3 session driversGeopolitical risk updates5 key headlinesNationwide Shutdown, Rising Protests and a Leadership Reshuffle Deepen Iran's Crisis as Oil Falls 20%
Market closed · No intraday price curve
U.S. PMI and tech headlines accompany a reversal as SPY holds green
QQQ opened 0.98% above its prior close, while SPY opened 0.56% higher. Both climbed in the morning and then reversed during the session. QQQ ended 0.10% lower and SPY 0.15% higher, leaving SPY ahead by 0.25 percentage point. The day's evidence centered on an in-line U.S. manufacturing PMI reading, Tesla deliveries, Baidu's AI-chip listing plan, Microsoft licensing scrutiny and Iran-related headlines.
3 session driversGap-up and intraday reversal5 key headlinesUSA S&P Global Manufacturing PMI For December 51.8 Vs 51.8 Est.
Regular session · Close 16:00 ET
QQQ-0.20%
SPY+0.18%
Weekend news turns to Venezuela intervention, Fed outlook and Optimus risks
U.S. markets were closed for the weekend. The main development was Trump's report that U.S. forces struck Venezuela and captured Nicolás Maduro and his wife. Later reports described Rubio warning Cuban leaders and the lifting of Caribbean airspace restrictions. Philadelphia Fed President Anna Paulson said inflation should moderate, growth should be around 2% and further rate cuts may come later in the year if the outlook stays favorable. A separate report said Tesla's Optimus demonstrations still relied heavily on remote control and faced dexterous-hand bottlenecks.
3 session driversVenezuela operation and regional follow-through5 key headlinesU.S. strikes Venezuela; Trump says Maduro and his wife were captured
Market closed · No intraday price curve
Venezuela follow-through, Yellen warning and AI rollout shape Sunday
U.S. markets were closed for the weekend. Trump said U.S. oil companies would invest billions in Venezuela after regime change and later threatened further military action if the country's current leader did not cooperate. Yellen warned that rising federal debt and Trump's pressure on the Fed to cut rates were creating a risk of fiscal dominance. China's December Caixin services PMI matched estimates at 52.0, while technology reports covered Nvidia's planned Taipei headquarters and Samsung's expansion of Gemini-powered devices.
3 session driversVenezuela and regional follow-through6 key headlinesTrump threatens further Venezuela action and points to Colombia and Mexico
Market closed · No intraday price curve
QQQ leads gains as an ISM miss meets AI and Venezuela updates
QQQ opened the regular session 0.60% above its previous close and stood 0.70% higher by 4:00 a.m. ET the next day. SPY opened 0.20% higher and ended the period up 0.62%, leaving QQQ ahead by 0.08 percentage points. December ISM manufacturing PMI came in at 47.9 versus 48.3 expected. AI hardware headlines included planned 60%-70% server DRAM price increases and Nvidia's Alpamayo and Rubin roadmap. Venezuela coverage focused on planned U.S. talks with oil executives and possible support for rebuilding the country's energy infrastructure.
3 session driversManufacturing data and session gains5 key headlinesUSA ISM Manufacturing PMI For December 47.9 Vs 48.3 Est.
Regular session · Close 16:00 ET
QQQ+0.79%
SPY+0.67%
QQQ outpaces SPY as services PMI, AI launches and oil headlines fill the session
QQQ opened 0.16% above its previous close and finished up 0.95%. SPY opened essentially flat and ended up 0.64%, leaving QQQ ahead by 0.32 percentage points. The December U.S. services PMI registered 52.5 versus the 52.9 estimate. AI headlines included AMD's new corporate data-center chip, Nvidia demand exceeding its prior 500 billion dollar forecast and xAI raising 20 billion dollars. After hours, Trump said Venezuela would transfer 30 to 50 million barrels of sanctioned oil to the United States. In the 15 minutes after the services PMI release, QQQ gained 0.33% and SPY added 0.23%, with three nearby headlines.
3 session driversServices PMI5 key headlinesUSA S&P Global Services PMI For December 52.5 Vs 52.9 Est.
Regular session · Close 16:00 ET
QQQ+0.89%
SPY+0.59%
QQQ edges higher while SPY slips amid labor data, services growth and AI deals
QQQ opened 0.12% below its previous close and ended up 0.13%. SPY opened essentially flat and finished down 0.25%, leaving QQQ ahead by 0.38 percentage points. December ADP employment rose by 41,000 versus a 49,000 forecast after a 32,000 decline. November JOLTS openings were 7.146 million versus 7.61 million estimated. The December ISM services PMI climbed to 54.4, its highest since October 2024. China instructed technology companies to pause Nvidia H200 orders, while Anthropic was reported to be seeking 10 billion dollars at a 350 billion dollar valuation.
3 session driversLabor data5 key headlinesU.S. November JOLTS Employment Data: 7.146M Job Openings vs. 7.61M Estimated
Regular session · Close 16:00 ET
QQQ+0.10%
SPY-0.32%
QQQ drops 0.63% as SPY stays flat, with rates and macro data in focus
QQQ opened down 0.09% and fell 0.63%. SPY opened 0.06% lower and ended at -0.02%, leaving QQQ 0.61 points behind. Initial claims were 208,000 versus 210,000 expected, and continuing claims were 1.914 million versus 1.900 million. October's trade deficit was $29.4 billion versus $58.10 billion estimated, while wholesale inventories rose 0.2% as forecast. Fed's Miran said rates were above neutral and expected 150 basis points of cuts by 2026. Vitol received a preliminary 18-month U.S. license for Venezuelan oil, while the Senate voted 52-47 to require congressional authorization for further military action. After the close, Trump directed representatives to buy $200 billion in mortgage bonds.
4 session driversRates and labor data6 key headlinesFed Governor Miran Expects About 150 Basis Points of Rate Cuts by 2026
Regular session · Close 16:00 ET
QQQ-0.58%
SPY-0.02%
Jobs data and Meta nuclear deals accompany broad market gains
QQQ opened 0.27% higher and gained 1.03%, while SPY opened up 0.23% and rose 0.72%, leaving QQQ ahead by 0.31 percentage points. December nonfarm payrolls increased by 50,000 versus 60,000 expected, while unemployment was 4.4% versus 4.5% forecast. TSMC reported $33.1 billion in quarterly revenue, and Meta secured more than 6 gigawatts of nuclear power through agreements with Vistra, Oklo and TerraPower. Policy headlines included a delayed Supreme Court ruling on Trump administration tariffs and the interception of another sanctioned oil tanker in the Caribbean. Richmond Fed President Barkin welcomed lower unemployment but described hiring outside healthcare and AI as narrow.
4 session driversLabor data5 key headlinesExpress News | US Dec. Non-Farm Payrolls +50000 Vs +60000 Forecast, Prior +56000; US Dec. Unemployment Rate 4.4% Vs 4.5% Forecast, Prior 4.6%
Regular session · Close 16:00 ET
QQQ+1.00%
SPY+0.65%
Tariff uncertainty, AI power strains and Iran risks define Saturday headlines
U.S. markets were closed Saturday, shifting focus to policy, technology and geopolitics. The Supreme Court issued no ruling on the Trump administration's tariff case, while Treasury Secretary Scott Bessent said potential refunds could be paid in installments. The FCC authorized 7,500 more second-generation Starlink satellites, xAI bought five additional 380 MW gas turbines and SanDisk reportedly planned price increases amid tight memory supply. Huawei led China's handset market in the first week of 2026 with a share above 20%, while Apple ranked second. Trump was briefed on new military-strike options targeting Iran, with no final decision reported.
4 session driversTariff policy5 key headlinesU.S. Supreme Court issues no tariff ruling; Bessent says Treasury can cover refunds in installments
Market closed · No intraday price curve
Fed independence, Iran planning and AI commerce lead Sunday developments
U.S. markets were closed Sunday, leaving policy, geopolitical and technology developments in focus. The Justice Department opened a criminal investigation into Fed Chair Jerome Powell over the central bank's $2.5 billion headquarters renovation, while Senator Thom Tillis said he would oppose the next Fed chair nominee after Justice Department subpoenas. The U.S. was discussing responses to Iran ranging from cyberattacks to military strikes, and Trump signed an order protecting Venezuelan oil revenue. Walmart and Google announced Gemini-powered shopping experiences, while India was reportedly considering a proposal requiring smartphone manufacturers to disclose source code.
4 session driversFed independence6 key headlinesDOJ opens criminal investigation into Fed Chair Powell over $2.5 billion headquarters renovation
Market closed · No intraday price curve
QQQ trails a nearly flat SPY amid Iran tariffs and competing AI buildouts
QQQ opened 0.66% lower and finished down 0.20%. SPY opened down 0.50% and ended nearly flat with a 0.03% decline, leaving SPY ahead by 0.17 percentage points. Trump announced an immediate 25% U.S. tariff on countries doing business with Iran, while the administration was reported to be nearing a Taiwan trade deal that would lower tariffs and bring additional TSMC manufacturing to the United States. Rick Rieder said the Fed needed to lower the policy rate to 3%. Apple and Google announced a multi-year Gemini collaboration, and Meta launched Meta Compute with plans for tens of gigawatts this decade. Trump also pressed credit-card companies to implement a 10% interest-rate cap by January 20.
3 session driversTrade and geopolitics5 key headlinesTrump Announces Immediate 25% U.S. Tariff on Countries Doing Business With Iran
Regular session · Close 16:00 ET
QQQ+0.09%
SPY+0.16%
QQQ outperforms SPY as softer core CPI meets Iran and AI-chip headlines
QQQ opened 0.13% lower and finished down 0.15%. SPY opened down 0.11% and ended 0.22% lower, leaving QQQ ahead by 0.07 percentage points. December core CPI rose 2.6% year over year versus a 2.7% estimate and 0.2% month over month versus 0.3%, while headline CPI matched estimates. Trump canceled meetings with Iranian officials and urged protests to continue. Meta launched Meta Compute to expand AI data-center and energy investment, and Microsoft pledged that data-center power costs would not be passed to local residents. The United States eased rules for Nvidia H200 exports to China, but Reuters later reported that Chinese customs agents had been told the chips were not permitted.
3 session driversInflation and the Fed6 key headlinesUSA Core CPI (YoY) For Dec. 2.6% Vs 2.7% Est.
Regular session · Close 16:00 ET
QQQ-0.17%
SPY-0.20%
QQQ falls 1.19% with PPI, Fed and chip headlines in view
QQQ opened 0.43% lower and finished down 1.19%. SPY opened down 0.32% and ended 0.61% lower, leaving QQQ behind by 0.57 percentage points. November PPI rose 3% year over year, above expectations, while Fed official Paulson said further rate cuts could follow if the outlook holds. U.S. personnel left Al Udeid Air Base as Iran warned of retaliation. The White House said broader semiconductor tariffs could follow a 25% levy on certain advanced chips. OpenAI signed a multibillion-dollar computing deal with Cerebras, and Taiwan Semiconductor later reported quarterly earnings and sales above estimates.
3 session driversMacro data and the Fed path6 key headlinesExpress News | The U.S. PPI for November rose 3% year-over-year, exceeding expectations.
Regular session · Close 16:00 ET
QQQ-1.05%
SPY-0.48%
QQQ ends 0.51% higher alongside firm U.S. data and AI compute news
QQQ opened 0.93% higher and finished up 0.51%. SPY opened 0.42% higher and ended up 0.37%, leaving QQQ ahead by 0.14 percentage points. The Philadelphia Fed manufacturing index reached 12.6 against a -1.6 estimate, while initial jobless claims were 198,000 versus 215,000 expected. OpenAI agreed to procure 750 megawatts of computing power from Cerebras through 2028. Trump said he had no immediate plan to dismiss Powell and would announce a Fed-chair successor within weeks. He also delayed critical-minerals tariffs and directed talks with trading partners.
3 session driversFirm U.S. data5 key headlinesUSA Initial Jobless Claims 198K Vs 215K Est.
Regular session · Close 16:00 ET
QQQ+0.34%
SPY+0.26%
Higher open gives way to a near-flat finish amid Fed, tariff and AI headlines
QQQ opened 0.43% higher and ended down 0.11%. SPY opened 0.16% higher and finished down 0.12%, leaving QQQ ahead by 0.01 percentage points. Fed-chair signals shifted as Trump praised Kevin Hassett but suggested he might remain at the National Economic Council, while Michelle Bowman said labor risks warranted readiness to cut rates again. Tariff threats tied to Greenland and a possible 10% fallback after a Supreme Court ruling remained in view. OpenAI announced advertising tests in ChatGPT, and Micron broke ground on a $100 billion memory complex.
3 session driversFed leadership and rate path6 key headlinesPresident Trump Praises Fed Contender Hassett, Says He May Want To Keep The Nec Director; Adds On Fed Says We'll See How It Works Out
Regular session · Close 16:00 ET
QQQ-0.12%
SPY-0.10%
Greenland tariff escalation spreads to EU trade talks as chip risks build
U.S. Greenland tariffs drew European resistance and threatened the EU-US trade deal. Separately, a 100% tariff warning for memory-chip makers, HBF commercialization plans and new allegations about Nvidia's China sales kept semiconductor policy in focus, while Iran added geopolitical tension.
3 session driversGreenland trade conflict6 key headlinesPresident Trump Imposes 10% Tariff Starting Feb 1 on Denmark, Norway, Sweden, France, Germany, UK, Netherlands, and Finland Over Greenland; Tariff to Rise to 25% on June 1, Will R…
Market closed · No intraday price curve
Tariff retaliation, Iran rhetoric and technology expansion shape Sunday news
U.S. markets were closed, leaving the QQQ and SPY reference curves unchanged. EU countries weighed tariffs on €93 billion of U.S. goods, while South Korea sought favorable treatment on AI-chip tariffs. Trump's call for new leadership in Iran added geopolitical tension, and xAI's computing buildout and Apple's China shipment gains kept technology growth in focus.
3 session driversTariff retaliation and chip talks5 key headlinesEU Countries Consider Tariffs on €93 Billion of U.S. Goods
Market closed · No intraday price curve
IMF growth upgrade, Fed independence and chip constraints frame holiday news
U.S. markets were closed for Martin Luther King Jr. Day, so QQQ and SPY carried their prior-session reference levels. The IMF raised its 2026 global growth forecast to 3.3%, while a global bond selloff and Japan's 4% yield highlighted rate risk. A Supreme Court case put Federal Reserve independence in focus. Anthropic's reported $25 billion funding round and Micron's warning of a persistent memory shortage kept AI investment and chip supply prominent.
3 session driversGlobal growth and bond risk5 key headlinesIMF Raises 2026 Global Growth Forecast to 3.3%
Market closed · No intraday price curve
QQQ and SPY finish near 2% lower as trade-policy risk stays in focus
QQQ opened 1.70% below its previous close and finished down 1.98%. SPY opened 1.39% lower and ended down 1.88%, outperforming QQQ by 0.10 percentage point. Tariff uncertainty remained prominent as the Supreme Court issued no ruling on the global-tariff challenge and the European Parliament froze approval of the EU-U.S. trade agreement. ADP's weekly measure slowed to 8,000 private-sector jobs per week from 11,750, while Bessent said the next Federal Reserve chair choice could come next week. G42's expected deliveries of advanced Nvidia, AMD and Cerebras chips kept AI infrastructure in view.
3 session driversTrade-policy uncertainty5 key headlinesU.S. Supreme Court Does Not Issue Ruling In Challenge To Legality Of Trump's Global Tariffs
Regular session · Close 16:00 ET
QQQ-2.13%
SPY-2.03%
QQQ gains 1.67% as Greenland de-escalation and Fed headlines frame the rebound
QQQ opened 0.24% below its previous close and finished up 1.67%. SPY opened 0.15% lower and ended up 1.38%, leaving QQQ ahead by 0.29 percentage point. Greenland tensions eased as Trump ruled out force and later announced an agreement framework while withdrawing tariffs scheduled for February 1. December pending home sales fell 9.3% from the prior month versus a 0.3% expected decline. Supreme Court arguments over the attempted removal of Fed Governor Lisa Cook and a narrowing Fed-chair shortlist kept central-bank leadership in view. OpenAI's reported talks for a $50 billion funding round extended the day's AI capital theme.
3 session driversGreenland policy de-escalation6 key headlinesTrump Announces a Greenland Agreement Framework and Withdraws Tariffs Set for February 1
Regular session · Close 16:00 ET
QQQ+1.33%
SPY+1.14%
U.S. growth data and chip news accompany a 0.69% QQQ advance
QQQ opened 0.88% higher and finished up 0.69%. SPY opened and ended 0.57% higher, leaving QQQ ahead by 0.12 percentage point. U.S. third-quarter GDP grew 4.4% versus 4.3% expected, initial claims were 200,000 versus 210,000 expected, and core PCE matched forecasts at 2.9%. Alibaba and peers pursued chip-business listings, while Intel guided first-quarter adjusted EPS to $0.00 and sales to $11.7 billion to $12.7 billion. The European Parliament planned to resume consideration of the EU-U.S. trade agreement after the tariff threat was lifted, and Tesla launched a paid driverless Robotaxi service in Austin.
3 session driversGrowth, labor and inflation data6 key headlinesUS GDP (QoQ) (Q3) +4.4% Vs +4.3% Est.
Regular session · Close 16:00 ET
QQQ+0.73%
SPY+0.52%
QQQ recovers to a slight gain while SPY slips amid mixed PMI and sentiment data
QQQ opened 0.30% lower and recovered to finish up 0.13%. SPY opened 0.22% lower and ended down 0.14%, leaving QQQ ahead by 0.28 percentage point. U.S. services PMI was 52.5 versus 52.9 expected, while manufacturing PMI matched the 51.9 estimate. The University of Michigan consumer sentiment final reached 56.4, a five-month high. The U.K. composite PMI rose to 53.9 versus 51.7 expected, while Eurozone services PMI was 51.9 versus 52.6 expected and 52.4 prior.
3 session driversU.S. activity data5 key headlinesUSA S&P Global Services PMI For January 52.5 Vs 52.9 Est.
Regular session · Close 16:00 ET
QQQ+0.33%
SPY+0.03%
Canada tariff threat, Libya oil deal and Tesla FSD dispute lead Saturday headlines
U.S. markets were closed, so QQQ and SPY remained at Friday's closing levels. Saturday's news included a threatened 100% tariff on Canadian imports tied to Canada's China trade agreement, conflicting signals over Tesla's China FSD approval timeline, a 25-year Libyan oil deal intended to add as much as 850,000 barrels per day of capacity, and a confirmed U.S. maritime strike in the eastern Pacific.
3 session driversCanada-China trade tension4 key headlinesTrump Threatens 'Governor Carney' With 100% Tariff on Canada
Market closed · No intraday price curve
Sunday brings tariff shifts, memory pricing and Apple supply-chain reports
U.S. markets were closed, leaving QQQ and SPY at Friday's closing levels. Sunday's news included Canada's decision not to pursue a China trade deal after a threatened 100% U.S. tariff, a possible reduction in Indian tariffs on EU car imports, strong DRAM pricing signals, and reports involving Apple's Siri rollout and chip supply chain.
4 session driversTrade-policy crosscurrents6 key headlinesEarlier, Canadian PM Mark Carney Said Canada Will Not Pursue China Trade Deal, After Trump Threatens 100% Tariff On Canadian Imports If Agreement Proceeds
Market closed · No intraday price curve
Durable-goods strength and AI hardware moves frame a 0.66% QQQ rise
QQQ rose 0.66% and SPY gained 0.54%, leaving QQQ ahead by 0.12 percentage points. Headline and core durable-goods orders exceeded estimates before both funds advanced during regular trading. Nvidia, Microsoft and Tesla supplied fresh AI infrastructure and hardware updates, while European technology regulation and a late South Korea tariff announcement added policy context.
3 session driversDurable-goods strength6 key headlinesNVIDIA Deepens Partnership With CoreWeave, Invests $2B To Scale Global AI Factory Infrastructure
Regular session · Close 16:00 ET
QQQ+0.44%
SPY+0.50%
QQQ extends to a 1.41% gain and outpaces SPY with cloud-pricing and AI-capital headlines
QQQ opened 0.63% above the previous close and finished 1.41% higher. SPY opened up 0.24% and ended with a 0.64% gain, leaving QQQ ahead by 0.77 percentage points. Cloud-service pricing, AI fundraising and chip-access reports accompanied the technology-heavy outperformance. A weaker-than-expected consumer-confidence reading, an EU request to Google and a reported easing of Venezuelan oil sanctions added macro and policy context.
3 session driversTechnology-heavy relative strength6 key headlinesExpress News | The Conference Board's Consumer Confidence Index for the U.S. in January was 84.5, lower than expected.
Regular session · Close 16:00 ET
QQQ+0.90%
SPY+0.41%
Fed hold and mega-cap earnings leave QQQ 0.45 points ahead of SPY
QQQ opened 0.79% above the previous close and finished with a 0.33% gain. SPY opened 0.20% higher and ended 0.12% lower, leaving QQQ ahead by 0.45 percentage points. The Fed held rates and Powell described still-elevated inflation, while Meta, Tesla and Microsoft reported results after the close. Iran-related statements, record gold and a larger-than-expected crude inventory draw added geopolitical and commodity context.
3 session driversFed hold and inflation signals6 key headlinesTrump says a massive armada is heading toward Iran
Regular session · Close 16:00 ET
QQQ+0.29%
SPY-0.01%
QQQ slides 0.85% while factory orders and tech earnings dominate the news flow
QQQ opened 0.08% above the previous close and ended down 0.85%. SPY opened 0.20% higher and finished 0.39% lower, leaving QQQ behind by 0.46 percentage points. Factory orders rose 2.7% against a 1.7% estimate, while jobless claims and comments about the next Fed chair added policy context. Microsoft’s sell-off, Apple’s record revenue and SanDisk’s corrected guidance shaped the earnings backdrop. Amazon’s OpenAI talks and policy headlines involving Iran, Cuba and government funding broadened the session’s risk picture.
4 session driversMacro data and rate signals6 key headlinesUSA Factory Orders (MoM) For November 2.7% Vs 1.7% Est
Regular session · Close 16:00 ET
QQQ-0.61%
SPY-0.21%
Warsh nomination and firm data frame a 1.46% QQQ drop, 0.95 points behind SPY
QQQ opened 0.54% below the previous close and ended down 1.46%. SPY opened 0.34% lower and finished down 0.51%, leaving QQQ 0.95 percentage points behind. Kevin Warsh's Fed chair nomination and comments from Fed officials kept leadership and interest-rate policy in focus. December producer prices rose 3.0% from a year earlier against a 2.7% forecast, while core PPI increased 0.7% from the prior month versus a 0.2% estimate. Chicago PMI reached 54.0 against 43.5 expected. Alibaba's new AI chip, China-approved H200 purchases and the reported pause in Nvidia's OpenAI agreement broadened the technology backdrop, while shutdown plans added late policy risk.
3 session driversFed leadership and rate policy6 key headlinesExpress News | Kevin Warsh has been nominated as the Chair of the Federal Reserve.
Regular session · Close 16:00 ET
QQQ-1.21%
SPY-0.32%
AI funding, Project Genie and Waymo plans shape the weekend news
U.S. markets were closed for the weekend, leaving QQQ and SPY at Friday's closing levels. Nvidia said it would participate in OpenAI's new funding round while clarifying that the investment would not approach $100 billion. Concerns surrounding Google's Project Genie were linked to the prior Friday sell-off in gaming stocks such as Unity. Waymo was reported to be seeking about $16 billion at a valuation near $110 billion. Tesla outlined a million-unit Optimus factory and a next-generation robot capable of learning by observation. Greenland negotiations also began, with President Trump saying an agreement could be near.
3 session driversAI capital and product shifts5 key headlinesJensen Huang responds to rumors of discord with OpenAI: NVIDIA will definitely participate in the new round of financing.
Market closed · No intraday price curve