Why Nasdaq-100 Inverse ETF SQQQ Hit A New 52-Week Low
Portfolio Pulse from Henry Khederian
ProShares UltraPro Short QQQ ETF (SQQQ) hit a new 52-week low, trading lower by 7.2% week-to-date. The decline is attributed to a slump in the Producer Price Index (PPI) and strength in large-cap semiconductor stocks and AI optimism driving the Nasdaq-100 higher.
June 14, 2023 | 3:15 pm
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SQQQ hit a new 52-week low due to a slump in PPI and strength in large-cap semiconductor stocks and AI optimism driving the Nasdaq-100 higher.
The decline in SQQQ is attributed to the slump in the Producer Price Index (PPI) and the strength in large-cap semiconductor stocks and AI optimism driving the Nasdaq-100 higher. As SQQQ is a 3x-leveraged inverse ETF that tracks the Nasdaq-100, it is expected to perform poorly when the Nasdaq-100 performs well. The lower PPI and strong performance of the Nasdaq-100 are causing the ETF to hit a new 52-week low.
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