The Invesco QQQ ETF (QQQ) declined 1.22% on Tuesday as tech and AI stocks continued to be under pressure due to valuation concerns. Also, diminishing hopes of a December interest rate cut weighed on investor sentiment.
TipRanks Black Friday Sale
- Claim 60% off TipRanks Premium for the data-backed insights and research tools you need to invest with confidence.
- Subscribe to TipRanks' Smart Investor Picks and see our data in action through our high-performing model portfolio - now also 60% off
Meanwhile, in Wednesday’s pre-market trading, the QQQ ETF, which tracks the performance of the Nasdaq 100 Index (NDX), was up 0.51% at the time of writing, ahead of chip giant Nvidia’s (NVDA) highly awaited third-quarter earnings.
Overall, the QQQ ETF has declined 3.77% over the past five days, but is up 18.5% 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 $726.87 for the QQQ ETF implies an upside potential of about 21.9%.
Currently, QQQ’s five holdings with the highest upside potential are Strategy (MSTR), Atlassian Corporation (TEAM), The Trade Desk (TTD), Axon Enterprise (AXON), and Charter Communications (CHTR).
Meanwhile, its four holdings with the greatest downside potential are Warner Bros. Discovery (WBD), Tesla (TSLA), Amgen (AMGN), and Micron Technology (MU).
Revealingly, QQQ ETF’s Smart Score is seven, implying that this ETF is expected to perform in line with the broader market.
Power up your ETF investing with TipRanks. Discover the Best AI ETFs, carefully curated based on TipRanks’ analysis.