The Invesco QQQ ETF (QQQ), which tracks the performance of the Nasdaq 100 Index (NDX), gained 0.29% on Wednesday amid strength in the broader market. The stock market closed early yesterday for Christmas Eve and will remain closed on Thursday for Christmas.
Claim 70% Off TipRanks This Holiday Season
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
The S&P 500 (SPX) and the Dow Jones Industrial Average (DJIA) gained 0.32% and 0.60%, respectively, on Wednesday, closing at record levels of 6,932 and 48,731. Meanwhile, the Nasdaq Composite rose 0.22%. The rise in major indices was driven by a rebound in several tech and artificial intelligence (AI) stocks after the recent selloff that was sparked by concerns over elevated valuations and high capital spending.
Overall, the QQQ ETF has risen 2.24% over the past five days and is up about 22.3% 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 Moderate Buy. The Street’s average price target of $731.47 for the QQQ ETF implies an upside potential of 17.2%.
Currently, QQQ’s five holdings with the highest upside potential are:
- Strategy (MSTR)
- Datadog (DDOG)
- ARM Holdings (ARM)
- Atlassian Corporation (TEAM)
- Thomson Reuters (TRI)
Meanwhile, its five holdings with the greatest downside potential are:
- Tesla (TSLA)
- Warner Bros. Discovery (WBD)
- Marriott International (MAR)
- Palantir Technologies (PLTR)
- Paccar (PCAR)
Revealingly, QQQ ETF’s Smart Score is eight, implying that this ETF is expected to outperform the broader market over the long term.
Power up your ETF investing with TipRanks. Discover the Best AI ETFs, carefully curated based on TipRanks’ analysis.