The Invesco QQQ ETF (QQQ) jumped 2.21% on Monday, as tech stocks like Nvidia (NVDA) rallied on hopes for the end of the U.S. government shutdown, recovering from last week’s slump on valuation concerns. However, the QQQ ETF, which tracks the performance of the Nasdaq 100 Index (NDX), was down 0.36% in Tuesday’s pre-market trading, with tech stocks like CoreWeave (CRWV) and Nvidia under pressure. While CRWV stock plunged after the AI play issued disappointing guidance, Nvidia trended lower as Softbank (SFTBY) sold its entire stake in the chip giant for $5.83 billion.
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Overall, the QQQ ETF has declined 1.88% over the past five days, but is up 19.7% 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 $697.74 for the QQQ ETF implies an upside potential of about 12%.
Currently, QQQ’s five holdings with the highest upside potential are Strategy (MSTR), Dexcom (DXCM), Atlassian Corporation (TEAM), The Trade Desk (TTD), and CoStar Group (CSGP).
Meanwhile, its five holdings with the greatest downside potential are Tesla (TSLA), Micron Technology (MU), Intel (INTC), Applied Materials (AMAT), and CrowdStrike Holdings (CRWD).
Revealingly, QQQ ETF’s Smart Score is eight, implying that this ETF is likely to outperform the broader market.
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