Nasdaq 100 Index Today: QQQ Jumps on U.S.-China Trade Developments, Tesla Turnaround

The Nasdaq 100 (NDX) is in green territory on Friday after falling by 0.80% on Thursday. The technology index is rising following positive signs in the U.S.-China trade relationship and a better-than-expected jobs report.

This morning, nonfarm payroll job additions for May tallied in at 139,000, well above the 126,000 forecasted by economists. However, May’s reading was still below the 147,000 jobs added in April and the monthly average within the past year of 149,000 jobs. Furthermore, the May unemployment rate was 4.2%, which remained unchanged from April and in line with the rate between 4.0% and 4.2% over the past year.

In a sign of easing tensions between the U.S. and China, Beijing has granted suppliers of three top U.S. automakers with temporary rare earth export licenses. Rare earth elements are critical in the production of semiconductors, cars, and planes, providing China with leverage in negotiating trade terms given its near-monopoly on them.

On top of that, Boeing (BA) has resumed the shipment of commercial jets to China. This morning, a Boeing 737 Max aircraft began its journey to Hawaii, a stop on its way to Zhoushan, China, where the delivery will be finalized.

The Nasdaq 100 is up by 1.20% at the time of writing.

Which Stocks are Moving the Nasdaq 100?

Next, let’s dive into TipRanks’ Nasdaq 100 Heatmap, which illustrates the stocks that have contributed to the index’s price action.

Tesla (TSLA) is mounting a comeback with a 5.56% jump after CEO Elon Musk and Trump exchanged blows on social media over the tax and spending bill yesterday. TSLA stock plunged by 14% on Thursday, erasing approximately $150 billion in market capitalization. Palantir (PLTR) is also a top performer within the Nasdaq 100, rising by over 5%.

On the other hand, Broadcom (AVGO) is taking a tumble after the semiconductor company reported its earnings. Elsewhere, most stocks within the index are in the green as we head into the weekend.

QQQ Stock Moves Higher with the Nasdaq 100

The Invesco QQQ Trust (QQQ) is an exchange-traded fund (ETF) designed to track the movement of the Nasdaq 100. As such, QQQ is rising in correlation with the Nasdaq 100 today.

Wall Street has high expectations for QQQ stock. During the past three months, analysts have issued an average QQQ price target of $584.53 for the stocks within the index, implying upside of 10.19% from current prices. The 102 stocks in QQQ carry 88 buy ratings, 14 hold ratings, and zero sell ratings.