Nasdaq 100 Index Today: QQQ Jumps on U.S.-China Trade Progress, Offsetting Initial Jobless Claims Data

The Nasdaq 100 (NDX) has erased its early morning losses and is trading firmly in the green on Thursday.

The technology index was on shaky legs this morning after U.S. initial jobless claims for the week ended May 31 rose for a second consecutive week to 247,000, higher than the expectation for 235,000 and increasing by 8,000 from the prior week. The figure marks the highest level since October and points to cracks in the job market amid economic uncertainty.

However, President Trump’s Truth Social post detailing his phone call with Chinese President Xi Jinping helped breathe life back into the NDX. “The call lasted approximately one and a half hours, and resulted in a very positive conclusion for both Countries,” said Trump, adding that top trade representatives from both countries would soon meet in another round of trade talks. The positive development follows tit-for-tat accusations of trade agreement violations from both sides.

The Nasdaq 100 is up by 0.68% at the time of writing

Which Stocks are Moving the Nasdaq 100?

Let’s pivot to TipRank’s Nasdaq 100 Heatmap, which illustrates the stocks that have contributed to the index’s performance.

Amazon (AMZN) is rising higher and is a clear winner of the upcoming U.S.-China trade talks, as its sellers source many of their products from the world’s second-largest economy. On the other hand is Tesla (TSLA), which is down by 3.20% following weak sales data in Europe and signs of a fraying relationship between CEO Elon Musk and Trump.

Technology is bright green within the Nasdaq 100, led by continued strength from chip stocks like Micron (MU), Broadcom (AVGO), and Nvidia (NVDA).

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.

On average, Wall Street analysts rate QQQ stock with a “Moderate Buy.” During the past three months, analysts have issued an average QQQ price target of $580.18 for the stocks within the index, implying upside of 8.93% from current prices. The 102 stocks in QQQ carry 88 buy ratings, 14 hold ratings, and zero sell ratings.