The Invesco QQQ Trust ETF (QQQ), which tracks the performance of the Nasdaq 100 Index (NDX), was down 0.03% in Monday’s pre-market trading amid uncertainty in the Middle East, especially the movement of cargo ships in the Strait of Hormuz. Oil prices trended higher amid persistent geopolitical risks.
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New trading tool for QQQ bullsOn Friday, QQQ gained 0.96%, with the S&P 500 (SPX) and Nasdaq Composite touching new all-time highs. Investors focused on key earnings, looking beyond Middle East tensions.
Overall, the QQQ ETF has gained 1.76% in the past five trading sessions and is up 39% year-to-date.
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 $779.45 for the QQQ ETF implies an upside potential of 15.6%.
Currently, QQQ’s five holdings with the highest upside potential are:
Currently, QQQ’s top holdings with the highest downside potential are:
- Marvell Technology (MRVL)
- Intel (INTC)
- Advanced Micro Devices (AMD)
- ARM Holdings (ARM)
- Microchip Technology (MCHP)
Revealingly, QQQ ETF’s Smart Score is eight, implying that this ETF has the ability to outperform the broader market over the long term.