QQQ is trading 1.60% down mid-session following hotter-than-expected April CPI data at 3.8% YoY, which has pressured growth-heavy tech stocks.
- April CPI data at 3.8% YoY (vs. 3.7% forecast) has reduced Fed rate cut expectations, impacting growth-oriented sectors.
- Rising U.S.-Iran tensions are driving oil prices above $107/barrel, adding to general market volatility and caution.
- Supply chain risks for semiconductors are increasing due to an impending Samsung strike, though the sector remains resilient amid recent Intel deals.