The Invesco QQQ ETF (QQQ) closed lower by 0.27% on Tuesday, as tech stocks came under pressure due to valuation concerns. However, the QQQ ETF, which tracks the performance of the Nasdaq 100 Index (NDX), was up 0.45% in Wednesday’s pre-market trading. Notably, shares of Advanced Micro Devices (AMD) were up 5.5% at the time of writing, as investors cheered the updates provided at the company’s Financial Analyst Day. Meanwhile, Nvidia (NVDA) stock was trending higher after one of its suppliers, Foxconn (HNHPF), reported a 17% year-over-year rise in its Q3 earnings.
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Overall, the QQQ ETF has declined 2.15% over the past five days, but is up 22.4% 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 $715.05 for the QQQ ETF implies an upside potential of about 15%.
Currently, QQQ’s five holdings with the highest upside potential are Strategy (MSTR), Atlassian Corporation (TEAM), Dexcom (DXCM), The Trade Desk (TTD), and Charter Communications (CHTR).
Meanwhile, its five holdings with the greatest downside potential are Tesla (TSLA), Micron Technology (MU), Intel (INTC), CrowdStrike Holdings (CRWD), and Amgen (AMGN).
Revealingly, QQQ ETF’s Smart Score is eight, implying that this ETF is likely to outperform the broader market.
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