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SPY, QQQ Extend Losses Ahead of Inflation Data as Macro Concerns Weigh
SPY, QQQ Extend Losses Ahead of Inflation Data as Macro Concerns Weigh
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US equity ETFs extended their slide for a third consecutive session as investors braced for pivotal inflation data. The S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ) both closed lower despite encouraging labor market figures showing initial jobless claims dropping to 218,000.
Fed Chair Powell's warning about upside inflation risks and downside employment risks cast a shadow over markets. The Commerce Department's upward revision of Q2 GDP to 3.8%, fueled by resilient consumer spending, failed to lift sentiment as import fluctuations continue causing economic volatility.
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