How is QQQ stock faring? The Invesco QQQ ETF has declined 0.88% over the past five days and is up about 21.6% 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), declined 2.03% on Tuesday as concerns about the lofty valuations of artificial intelligence (AI) stocks dragged down the broader market.
In Wednesday’s pre-market trading, the QQQ ETF was down 0.23%, as of writing, amid continued worries about the valuations of AI plays. Also, shares of Advanced Micro Devices (AMD) declined despite reporting Q3 earnings beat, as optimism about the chipmaker’s strong growth potential was already priced into the stock.
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 $710.05 for the QQQ ETF implies an upside potential of 14.66%.
Currently, QQQ’s five holdings with the highest upside potential are Strategy (MSTR), Dexcom (DXCM), Atlassian Corporation (TEAM), Solstice Advanced Materials (SOLS), and The Trade Desk (TTD).
Meanwhile, its five holdings with the greatest downside potential are Tesla (TSLA), Warner Bros. Discovery (WBD), Applied Materials (AMAT), Intel (INTC), and Palantir Technologies (PLTR).
Revealingly, QQQ ETF’s Smart Score is eight, implying that this ETF is likely to outperform the broader market.
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