The Invesco QQQ Trust ETF (QQQ), which tracks the performance of the Nasdaq 100 Index (NDX), was down 0.38% in Thursday’s pre-market trading amid rising tensions in the Strait of Hormuz. Also, disappointing results from Tesla (TSLA), IBM (IBM), and ServiceNow (NOW) weighed on investor sentiment.
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Trade QQQ with leverageMeanwhile, the QQQ ETF surged 1.67% on Wednesday as the S&P 500 (SPX) and the Nasdaq Composite touched new record highs on news of the Iran ceasefire extension.
Overall, the QQQ ETF has risen 5.38% over the past five days and is up about 42% 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 $745.51 for the QQQ ETF implies an upside potential of about 14%.
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)
- Monolithic Power (MPWR)
- Intel (INTC)
- Western Digital (WDC)
- 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.