The ProShares UltraPro QQQ ETF (TQQQ) is experiencing upward momentum, driven by a combination of positive market sentiment and specific developments in the tech sector. The Nasdaq 100 futures rose by 0.8% early on January 14, 2025, indicating a recovery in tech stocks following a recent pullback. Nvidia, a key component of the Nasdaq 100, saw its shares increase by over 2% in premarket trading, rebounding from a 2% decline the previous day. This recovery is partly attributed to easing concerns over U.S. restrictions on artificial intelligence exports, which had previously weighed on the sector. Additionally, the Producer Price Index (PPI) data released before the market opened showed a smaller-than-expected increase, providing relief to investors concerned about inflationary pressures.
The broader market also opened higher, with the Nasdaq Composite up 0.6%, supported by a positive outlook for tech stocks. The PPI data, which rose by only 0.2% in December compared to the forecasted 0.4%, helped calm fears of an inflation spike, contributing to the positive sentiment. Investors are now closely watching the upcoming Consumer Price Index (CPI) data, which could further influence market dynamics. The anticipation of key inflation data and the recovery in tech stocks are significant factors driving the TQQQ's performance today.
The TQQQ ETF is currently priced at $76.46, reflecting a 0.57% increase from the previous close.