31-May-2024
‘Stick with what's working' as markets head into June trade: Fundstrat’s Tom Lee
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Fed may not cut rates in 2024 with inflation moving down at a sluggish pace - strategist
Seeking Alpha News (Fri, 31-May 11:18 AM ET)
Tech-heavy Nasdaq stocks held their highs despite other indices losses - Piper Sandler
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QQQ Bearish Calendar Put Spread with 573% Upside
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S&P growth levels are elevated, but not at bubble levels - Goldman Sachs
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Morgan Stanley is bullish on the second half of 2024
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Nvidia jumps back atop IBKR’s most-active list after blowout Q1 report while AMC vanishes
Seeking Alpha News (Tue, 28-May 4:56 PM ET)
Invesco QQQ is an exchange-traded fund based on the Nasdaq-100 Index. The Fund will, under most circumstances, consist of all of stocks in the Index. The Index includes 100 of the largest domestic and international nonfinancial companies listed on the Nasdaq Stock Market based on market capitalization. The Fund and the Index are rebalanced quarterly and reconstituted annually.
Invesco QQQ Trust trades on the NASDAQ stock market under the symbol QQQ.
As of May 31, 2024, QQQ stock price declined to $450.71 with 39,392,400 million shares trading.
QQQ has a beta of 1.25, meaning it tends to be more sensitive to market movements. QQQ has a correlation of 0.84 to the broad based SPY ETF.
QQQ has a market cap of $269.37 billion. This is considered a Mega Cap stock.
In the last 3 years, QQQ stock traded as high as $460.58 and as low as $254.26.
QQQ has outperformed the market in the last year with a price return of +30.4% while the SPY ETF gained +27.8%. However, in the short term, QQQ had mixed performance relative to the market. It has underperformed in the last 3 months, returning +2.8% vs +4.1% return in SPY. But in the last 2 weeks, QQQ shares have fared better than the market returning -0.2% compared to SPY -0.4%.
QQQ support price is $447.80 and resistance is $455.30 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that QQQ stock will trade within this expected range on the day.