For buyers in search of momentum, Invesco QQQ QQQ might be on the radar. The fund simply hit a 52-week excessive and is up 34.91% from its 52-week low worth of $382.66/share.
However are extra features in retailer for this ETF? Let’s take a fast have a look at the fund and the near-term outlook on it to get a greater concept of the place it could be headed:
QQQ in Focus
The underlying Nasdaq-100 Index consists of 100 of the most important home and worldwide nonfinancial firms listed on the Nasdaq Inventory Market primarily based on market capitalization. The product expenses 20 bps in annual charges (See: All Large Cap Growth ETFs).
Why the Transfer?
Nasdaq has been an space to look at these days, given the dovish stance of the Fed, and rate of interest cuts in September and November. Rising market expectation of one other rate of interest reduce in December is appearing as a key tailwind for the fund.
Cyber Monday gross sales additionally bode properly for the fund, as on-line buying closely relies on sturdy expertise infrastructure.
Extra Positive aspects Forward?
At present, QQQ has a Zacks ETF Rank #2 (Purchase) with a Medium threat outlook and it would proceed its robust efficiency within the close to time period, with a constructive weighted alpha of 30.21 (as of Barchart.com), which supplies cues of an extra rally.
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Invesco QQQ (QQQ): ETF Research Reports
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The views and opinions expressed herein are the views and opinions of the writer and don’t essentially mirror these of Nasdaq, Inc.
