SPY & QQQ Soar on GDP Rebound While Trump-Cook Clash Intensifies: Market Frenzy Unleashed

Markets roar back as economic data shocks skeptics—while tech titans trade blows.

GDP Flexes Muscle

Economic resilience takes center stage as GDP numbers jolt major indices upward. SPY and QQQ lead the charge, capitalizing on renewed investor confidence. No fluke—just pure momentum shaking out the doubters.

Tech Feud Escalates

The Trump-Cook rivalry isn’t cooling down. Verbal volleys amplify market volatility, turning boardroom drama into trading-floor tension. Power plays and pride—classic Wall Street theater.

Rally Mode Activated

Traders pile into equities, betting on sustained growth despite political noise. Bulls dominate; bears retreat. Another day, another reminder that markets love a good comeback story—even if it’s fueled by overconfidence and selective optimism.

So, while GDP gets the credit, remember: most rallies are just pessimists taking a coffee break.

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The labor market has remained resilient in light of President Trump’s volatile tariff strategy, with 229,000 Americans filing new applications for unemployment benefits for the week ended August 23. That came in below the estimate for 230,000 and fell by 5,000 from the prior week. Additionally, continuing jobless claims were lower than the expected 1.966 million, falling by 7,000 to 1.954 million. Continuing jobless claims trail initial jobless claims by one week.

Meanwhile, the unemployment rate has remained range-bound between 4.0% and 4.2% since January, hinting that the effects of higher tariffs thus far haven’t harmed the labor market.

Gross domestic product (GDP) has also held up, with the U.S. Bureau of Economic Analysis forecasting 3.3% second-quarter growth, up from its initial estimate of 3.0%. Imports, which contributed to a 0.5% GDP decline in the first quarter and are subtracted from the calculation, fell during the second quarter while consumer spending ROSE by 1.6%. Consumer spending is the largest contributor to GDP with a roughly 70% share.

After TRUMP attempted to fire her last week for alleged mortgage fraud, Fed Governor Lisa Cook has now filed a lawsuit against him to keep her job. The lawsuit argues that Trump has no legal grounds or cause to fire Cook and that the action undermines the Federal Reserve Act. Cook’s alleged violation was brought to Trump’s attention by Federal Housing Finance Agency (FHFA) Director Bill Pulte, who accused her of marking two separate properties as primary residences.

On the housing front, home sales remain subdued as the housing market grapples with high prices and mortgages. While the 10-year fixed-rate mortgage is at 6.56%, a 10-month low, it still remains relatively high when compared with recent years. In July, pending home sales dropped by 0.4% month-over-month, higher than the estimate for a 0.1% decline.

The S&P 500 (SPX) closed with a 0.32% gain while the Nasdaq 100 (NDX) returned 0.58%.