The Invesco QQQ ETF (QQQ) jumped 2.56% on Monday as tech stocks rallied on renewed hopes about an interest rate cut in December.
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However, in Tuesday’s pre-market trading, the QQQ ETF, which tracks the performance of the Nasdaq 100 Index (NDX), was down 0.13% at the time of writing, as tech stocks pared the previous day’s robust gains. Notably, Nvidia (NVDA) stock was down more than 4% in Tuesday’s pre-market trading after The Information reported that Meta Platforms (META) is contemplating spending billions of dollars on Alphabet’s (GOOGL) AI chips. GOOGL shares were up about 4%.
Overall, the QQQ ETF has declined 0.50% 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 $705.15 for the QQQ ETF implies an upside potential of about 16.5%.
Currently, QQQ’s five holdings with the highest upside potential are:
- Strategy (MSTR)
- The Trade Desk (TTD)
- Atlassian Corporation (TEAM)
- Axon Enterprise (AXON)
- Charter Communications (CHTR)
Meanwhile, its five 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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