SPY and QQQ hit session highs

The social-media version of this story does not match the market tape. On Tuesday, Sept. 1, 2026, U.S. stocks closed lower as oil prices surged and Treasury yields rose, according to Reuters and CNBC. The S&P 500 fell 0.71% to 7,631.47 and the Nasdaq Composite dropped 1.03% to 26,099.77, CNBC reported. Reuters said the selloff deepened as crude prices spiked amid renewed Middle East hostilities and as markets increased bets on a Federal Reserve rate hike later this month. (money.usnews.com) (cnbc.com) ### Did SPY and QQQ actually hit session highs on Sept. 1? Tuesday’s broad market benchmarks did not finish anywhere near a breakout close. (wsau.com) CNBC reported that the S&P 500 and Nasdaq Composite both ended the session in the red, while Reuters said all three major U.S. stock indexes “closed decisively lower.” That makes the central X claim — that SPY and QQQ hit session highs “yesterday” — unverified on the evidence available from mainstream market coverage. SPY tracks the S&P 500 and QQQ tracks the Nasdaq-100, so those ETFs can diverge from the headline indexes intraday. But the dominant market narrative on Sept. 1 was not a late-session push to highs. (money.usnews.com) Reuters and CNBC both described a session pressured by higher oil and higher yields. ### What was pushing markets around instead? Oil was the clearest macro driver. CNBC reported that U.S. crude rose 5.2% to settle at $90.22 a barrel and Brent gained 4.6% to $94.65 after U.S. military action against Iranian targets. Reuters said crude prices jumped as fading hopes for a near-term solution to the conflict involving Iran lifted inflation concerns. (money.usnews.com) Bond yields were the second pressure point. CNBC said the U.S. 10-year Treasury yield climbed to levels not seen since January 2025, while Reuters said the benchmark Treasury yield continued higher after reaching a 19-month high on Monday. Higher yields tend to reduce the relative appeal of equities, particularly richly valued growth stocks. (money.usnews.com) ### Why were traders talking about AI anyway? Chip stocks were already central to the market conversation. Reuters reported before the open that Nvidia, Intel and AMD were down between 1.47% and 2.95% in premarket trading, showing that AI-linked shares remained the focal point even in a risk-off session. (money.usnews.com) The social-media argument appears to be that enthusiasm around AI earnings and infrastructure demand was strong enough to offset macro stress. That interpretation is not how named strategists framed the day. Ross Mayfield of Baird told Reuters that higher oil and hawkish comments from Fed Chair Kevin Warsh created “the perfect cocktail for a risk-off day.” Angelo Kourkafas of Edward Jones said “the macro is back in control,” while CNBC quoted Mayfield saying the stock market struggles to absorb large, volatile moves in bonds. (money.usnews.com) ### Were rate expectations part of the move? Fed pricing shifted materially. Reuters said markets were pricing in about a 68.2% chance of a 25-basis-point rate hike at the September meeting, up from 39.6% a week earlier, according to CME’s FedWatch tool. (wsau.com) CNBC separately cited a 68% hike probability. Kevin Warsh’s comments remained part of that backdrop. Reuters said investors linked the move in yields and stocks to Warsh’s hawkish remarks at Jackson Hole, while CNBC said traders were reassessing whether the Fed would tighten later this month. (money.usnews.com) ### What should traders watch next? Friday, Sept. 4, 2026, is the next scheduled checkpoint. Reuters said Tuesday’s JOLTS report and Friday’s nonfarm payrolls report were the next labor-market releases in focus, and CNBC said the August payrolls data could change rate expectations before the Fed meets in two weeks. (wsau.com) (money.usnews.com)