The Invesco QQQ ETF (QQQ) fell 2.37% on Thursday amid persistent concerns about the valuation of artificial intelligence (AI) stocks. While Nvidia’s (NVDA) quarterly results lifted the broader market, stocks fell in the second half as worries about an AI bubble and diminishing hopes of an interest rate cut in December impacted investor sentiment.
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In Friday’s pre-market trading, the QQQ ETF, which tracks the performance of the Nasdaq 100 Index (NDX), was down 0.39% at the time of writing amid continued pressure on tech and AI stocks.
Overall, the QQQ ETF has declined 5.91% over the past five days, but is up about 18% 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 $745.75 for the QQQ ETF implies an upside potential of about 27.3%.
Currently, QQQ’s five holdings with the highest upside potential are
- Strategy (MSTR)
- Netflix (NFLX)
- The Trade Desk (TTD)
- Atlassian Corporation (TEAM)
- Axon Enterprise (AXON)
Meanwhile, its three holdings with the greatest downside potential are
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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