ProShares UltraPro QQQ is trading 5.3% higher as risk appetite returns to the technology sector following a sharp selloff driven by macroeconomic concerns.
- The rebound comes after last week's tech-led decline, which was triggered by a stronger-than-expected May jobs report and hawkish interest rate repricing that pressured growth stocks.
- Market sentiment has improved significantly as Iran signaled an end to its current missile strikes against Israel, allowing the Nasdaq Composite to lead major U.S. indices higher.
- As a 3x leveraged fund, this ETF is seeing disproportionate gains as investors rotate back into the Nasdaq-100 following the stabilization of geopolitical tensions.