The ProShares UltraPro Short QQQ ETF, which aims to deliver three times the inverse of the daily performance of the NASDAQ-100 Index, is experiencing downward pressure due to a strong performance in the underlying index. As of January 17, 2025, the NASDAQ-100 Index has risen by 1.26%, reflecting a robust market sentiment towards technology and growth stocks that dominate the index. This positive movement in the NASDAQ-100 is likely driven by investor optimism and favorable economic indicators, which have bolstered confidence in the tech-heavy index.
The ETF's price movement is also influenced by broader market dynamics, including recent economic data releases and corporate earnings reports that have exceeded expectations, further fueling the rally in the NASDAQ-100. Additionally, the absence of significant negative news or geopolitical tensions has allowed the market to focus on growth prospects, contributing to the upward trajectory of the index.
The ProShares UltraPro Short QQQ ETF (SQQQ) is currently priced at $29.59, marking a 3.60% decrease from its previous close.