The Invesco QQQ Trust ETF (QQQ), which tracks the performance of the Nasdaq 100 Index (NDX), was up 0.06% in Thursday’s pre-market trading as investors assessed the earnings releases from Meta Platforms (META), Microsoft (MSFT), and Tesla (TSLA).
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On Wednesday, the QQQ ETF gained 0.33%. Notably, advances in Nvidia (NVDA) and Micron Technology (MU) stocks supported investor sentiment for the technology sector. Meanwhile, the Federal Reserve kept its benchmark interest rate in the range of 3.5% to 3.75%.
Overall, the QQQ ETF has risen 3.25% over the past five days and is up 21.2% in the past year.
QQQ’s Key Holdings with Highest Upside/Downside Potential
According to TipRanks’ unique ETF analyst consensus, which is based on a weighted average of analyst ratings on its holdings, QQQ is a Strong Buy. The Street’s average price target of $744.61 for the QQQ ETF implies an upside potential of about 17.6%.
Currently, QQQ’s five holdings with the highest upside potential are:
Meanwhile, its top holdings with the greatest downside potential are:
- Western Digital Corporation (WDC)
- Micron Technology
- Warner Bros. Discovery (WBD)
- Tesla
- Seagate Technology (STX)
Revealingly, QQQ ETF’s Smart Score is eight, implying that this ETF is expected to outperform the broader market over the long term.
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