The Invesco QQQ ETF (QQQ) declined 0.85% on Monday due to persistent concerns about the valuations of tech stocks and fears of an AI bubble. Moreover, declining hopes of an interest rate cut next month also impacted investor sentiment.
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In Tuesday’s pre-market trading, the QQQ ETF, which tracks the performance of the Nasdaq 100 Index (NDX), was down 0.57% at the time of writing, as tech stocks continue to slump.
Overall, the QQQ ETF has declined 2.59% over the past five days, but is up 19.6% 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 $898.10 for the QQQ ETF implies an upside potential of about 48.8%.
Currently, QQQ’s five holdings with the highest upside potential are Netflix (NFLX), Strategy (MSTR), Atlassian Corporation (TEAM), The Trade Desk (TTD), and Axon Enterprise (AXON).
Meanwhile, its five holdings with the greatest downside potential are Micron Technology (MU), Tesla (TSLA), Warner Bros. Discovery (WBD), and Amgen (AMGN).
Revealingly, QQQ ETF’s Smart Score is seven, implying that this ETF is expected to perform in line with the broader market.
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