Why Nasdaq-100 ETF QQQ Hit A New 52-Week High Today
Portfolio Pulse from Henry Khederian
Invesco QQQ Trust Series 1 (NASDAQ:QQQ) shares are trading higher by 1.16% to $372.44 after June CPI data showed softer-than-expected inflation. Lower inflation is generally favorable for growth stocks, which make up a significant portion of QQQ's holdings. The ETF hit a new 52-week high, with milder inflation potentially driving up the ETF's stock price.
July 12, 2023 | 5:30 pm
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Invesco QQQ Trust Series 1 (NASDAQ:QQQ) shares are trading higher due to softer-than-expected inflation. This could potentially drive up the ETF's stock price as lower inflation is generally favorable for growth stocks.
The news directly pertains to Invesco QQQ Trust Series 1 (NASDAQ:QQQ) as it explains the reason behind the ETF's recent price increase. The softer-than-expected inflation is favorable for growth stocks, which make up a significant portion of QQQ's holdings. This could potentially drive up the ETF's stock price.
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