The Invesco QQQ ETF (QQQ) ended 0.75% higher on Friday as U.S. stocks recovered on renewed hopes about an interest rate cut in December. Notably, New York Federal Reserve President John Williams stated that he sees the possibility of the central bank lowering its key interest rate, given that the weakness in the labor market presents a bigger threat than high inflation.
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In Monday’s pre-market trading, the QQQ ETF, which tracks the performance of the Nasdaq 100 Index (NDX), was up 0.52% at the time of writing, continuing Friday’s momentum.
Overall, the QQQ ETF has declined 3.03% over the past five days, but is up about 16% 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 $722.44 for the QQQ ETF implies an upside potential of about 22.4%.
Currently, QQQ’s five holdings with the highest upside potential are
- Strategy (MSTR)
- The Trade Desk (TTD)
- Atlassian Corporation (TEAM)
- Axon Enterprise (AXON)
- DoorDash (DASH)
Meanwhile, its four 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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