ProShares UltraPro QQQ (NASDAQ:TQQQ) shares are trading higher by 3.82% to $42.02 Wednesday morning. Major indexes are higher after June CPI data showed softer-than-expected inflation.
For the unitiated, per ProShares, TQQQ seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Nasdaq-100 (NASDAQ:QQQ).
What Happened?
U.S. CPI inflation in June decelerated more than anticipated, reinforcing investor expectations of a single rate hike by the Federal Reserve followed by a halt to its tightening cycle. The Bureau of Labor Statistics' data reveals a drop in the annual inflation rate from 4% in May to 3% in June, slightly below the average economist forecast of 3.1%.
This marks the twelfth consecutive month of declining inflation and the lowest reading since March 2021...Read More
What Else?
The Nasdaq-100 Index includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market. Many of these companies are well-known technology companies, which have exhibited strong growth in recent years.
If an investor believes in the long-term growth potential of the technology sector, they may see TQQQ as a way to participate in that growth.
According to data from Benzinga Pro, TQQQ has a 52-week high of $42.44 and a 52-week low of $16.10.