The Invesco QQQ Trust ETF (QQQ), which tracks the performance of the Nasdaq 100 Index (NDX), was up 0.39% in Wednesday’s pre-market trading as investors await Big Tech earnings. Four of the “Magnificent 7” stocks – Amazon (AMZN), Microsoft (MSFT), Alphabet (GOOGL), and Meta Platforms (META) will report their earnings today.
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Forget margin or options. Here's how the pros trade QQQOn Tuesday, QQQ declined 1.01% after a Wall Street Journal report highlighted weakness in OpenAI’s revenue and new user growth, dragging down artificial intelligence (AI) stocks. Also, oil prices rose amid tensions in the Middle East.
Overall, the QQQ ETF has risen 1.42% over the past five days and is up 40% over the past year.
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 Strong Buy. The Street’s average price target of $772.99 for the QQQ ETF implies an upside potential of about 17.6%.
Currently, QQQ’s five holdings with the highest upside potential are:
Currently, QQQ’s top holdings with the highest downside potential are:
- Marvell Technology (MRVL)
- Advanced Micro Devices (AMD)
- ARM Holdings (ARM)
- Monolithic Power (MPWR)
- Intel (INTC)
Revealingly, QQQ ETF’s Smart Score is eight, implying that this ETF has the ability to outperform the broader market over the long term.