The ProShares UltraPro Short QQQ ETF (SQQQ) closed up 1.79% at $27.93 on January 24, as the Nasdaq 100 Index fell 0.58% to 21,774.01 amid renewed scrutiny over US-China trade relations impacting chipmakers. The US government's review of the Economic and Trade Agreement with China has introduced uncertainty, particularly affecting the semiconductor sector, which is sensitive to international trade dynamics. This comes as President Donald Trump signaled a potential softening of his tariff stance while advocating for economic policies aimed at boosting growth and reducing taxes. In response, investors turned to safe-haven assets, leading to a rally in Treasury bonds and a decline in yields. The dollar weakened, marking its worst week since November 2023, as lower Treasury yields made US exports more competitive.