Stock Market Today: SPY, QQQ Lose Steam on Tech Weakness as Trump Prepares Fed Chair Pick
Both the S&P 500 ETF (SPY) and Nasdaq 100 ETF (QQQ) closed lower due to a selloff in tech stocks, with Microsoft (MSFT) down 9.9% despite strong earnings. President Trump plans to announce his Fed Chair nominee next week, criticizing Jerome Powell. Initial jobless claims fell to 209,000, while the U.S. trade deficit nearly doubled to $56.8 billion. The S&P 500 and Nasdaq 100 closed down 0.13% and 0.53%, respectively.
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