The Invesco QQQ Trust ETF (QQQ), which tracks the performance of the Nasdaq 100 Index (NDX), was up 0.41% in Thursday’s pre-market trading as investors assessed the earnings reports of four of the “Magnificent 7” companies and developments in the Middle East. Shares of Amazon (AMZN) and Alphabet (GOOGL) rose on the strength of their cloud businesses, driven by AI tailwinds.
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New trading tool for QQQ bullsIn contrast, Meta Platforms (META) stock declined on disappointing user growth, while Microsoft’s (MSFT) higher capital spending due to rising memory prices and lower-than-expected cloud revenue growth spooked investors.
On Wednesday, QQQ gained 0.61% ahead of Big Tech earnings. Overall, the QQQ ETF has risen 2.19% over the past five days and is up 39.1% 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 $764.17 for the QQQ ETF implies an upside potential of 15.5%.
Currently, QQQ’s five holdings with the highest upside potential are:
Currently, QQQ’s top holdings with the highest downside potential are:
- Intel (INTC)
- Marvell Technology (MRVL)
- Advanced Micro Devices (AMD)
- Monolithic Power (MPWR)
- ARM Holdings (ARM)
Revealingly, QQQ ETF’s Smart Score is eight, implying that this ETF has the ability to outperform the broader market over the long term.