The ProShares UltraPro QQQ ETF (TQQQ) closed down 5.39% at $80.62 on January 7th, as the Nasdaq 100 index fell 1.79% to 21,173.04 amid rising Treasury yields and strong economic data. The 10-year Treasury yield surged to 4.693%, its highest since April, following robust ISM Services data that exceeded expectations with a reading of 54.1. This fueled concerns about persistent inflation and reduced the likelihood of Federal Reserve rate cuts in 2025, leading to a recalibration of market expectations. The tech-heavy Nasdaq was particularly affected, with major tech stocks like Nvidia and Tesla experiencing significant declines. Nvidia shares dropped 6.2% after unveiling new chips, while Tesla fell 4% following a downgrade by Bank of America. The market's sensitivity to monetary policy expectations and profit-taking in tech stocks contributed to the broader sell-off.