Nvidia Slump Dampens SPY and QQQ even as Results Impress, AI Spending in Focus

The S&P 500 ETF SPY and the Nasdaq 100 ETF QQQ closed lower on Thursday, pressured by Nvidia despite a revenue and earnings beat and upbeat guidance. Nvidia remains the largest holding in both ETFs, and its roughly 5.5% drop underscores investor concerns about AI capital expenditure sustainability and concentration risk. The broader market showed SPX down about 0.54% and NDX down about 1.16%. Separately, U.S.–Iran indirect talks in Geneva were described as positive with progress but still unresolved on key issues, while data on jobless claims and tariff policy remained in focus for traders.