The Invesco QQQ ETF (QQQ) fell 2.04% on Thursday amid a steep selloff in tech stocks and concerns about whether the Federal Reserve will announce an interest rate cut next month. The decline continued in Friday’s pre-market trading, with the QQQ ETF, which tracks the performance of the Nasdaq 100 Index (NDX), down 1.67% as of writing.
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Overall, the QQQ ETF has declined 1.49% over the past five days, but is up 22% year-to-date.
QQQ’s Key Holdings with Highest Upside/Downside Potential
According to TipRanks’ unique ETF analyst consensus, which is based on a weighted average of analyst ratings on its holdings, QQQ is a Moderate Buy. The Street’s average price target of $730.76 for the QQQ ETF implies an upside potential of about 20.1%.
Currently, QQQ’s five holdings with the highest upside potential are Strategy (MSTR), Atlassian Corporation (TEAM), The Trade Desk (TTD), DoorDash (DASH), and Charter Communications (CHTR).
Meanwhile, its five holdings with the greatest downside potential are Micron Technology (MU), Tesla (TSLA), Amgen (AMGN), Applied Materials (AMAT), and Intel (INTC).
Revealingly, QQQ ETF’s Smart Score is seven, implying that this ETF is expected to perform in line with the broader market.
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