The Nasdaq 100 fell by -2.57% on Thursday following the Fed’s expressed intentions of raising interest rates in March to combat inflation. The tech-heavy index is down -5% this year and more than -7% off its record-high, reached on November 22nd. More than three quarters of the index constituents have plunged into red territory in 2022, with Datadog (-24%), Zscaler (-22.05%), Atlassian Corporation (-21.65%), Align (-20.15%) and IDEXX Laboratories (-18.87%) leading the dive.
The largest ETF with exposure to the index, Invesco QQQ ETF (QQQ), also fell by -5% in the first nine trading days of the year. QQQ has turned into a flow dispenser, with investors pulling over $1.5 billion from the fund between January 3rd and January 11th.
Trading daredevils have poured $657 million in the ProShares UltraPro QQQ ETF (TQQQ), hoping for magnified gains from a Nasdaq 100 U-turn. This leveraged ProShares ETF seeks a return that is 3x the return of the Nasdaq 100 for a single day, as measured from one NAV calculation to the next. On Thursday, TQQQ lost -7.26%, almost 3x times its benchmark losses.
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Credit: www.marketscreener.com – Source link