How is QQQ stock faring? The Invesco QQQ ETF has risen 1.19% over the past five days and is up about 23.5% year-to-date.
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What Moved the QQQ ETF?
The QQQ ETF, which tracks the performance of the Nasdaq 100 Index (NDX), rose 0.48% on Monday, driven by optimism about Amazon’s (AMZN) deal with ChatGPT maker OpenAI.
In Tuesday’s pre-market trading, the QQQ ETF was down 1.25% on rising concerns about valuations of artificial intelligence (AI) stocks. Also, Palantir Technologies (PLTR) stock was down 8% despite better-than-expected Q3 results.
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 $704.23 for the QQQ ETF implies an upside potential of 11.41%.
Currently, QQQ’s five holdings with the highest upside potential are Strategy (MSTR), Dexcom (DXCM), Charter Communications (CHTR), Solstice Advanced Materials (SOLS), and CoStar Group (CSGP).
Meanwhile, its five holdings with the greatest downside potential are Palantir Technologies, Tesla (TSLA), Intel (INTC), Applied Materials (AMAT), and Micron Technology (MU).
Revealingly, QQQ ETF’s Smart Score is eight, implying that this ETF is likely to outperform the broader market.
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