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Why is TQQQ Up Today After Tech Earnings

The ProShares UltraPro QQQ ETF (TQQQ) closed on January 30th at $83.17, up 1.25%, as the Nasdaq 100 Index rose 0.45% to 21,508.12, buoyed by strong earnings from key tech players. The Nasdaq 100's gains were driven by positive earnings reports from Meta and IBM, which offset the negative impact of Microsoft's underwhelming cloud growth. Tesla's ambitious plans for self-driving vehicles also contributed to the positive sentiment, despite its earnings miss. The Federal Reserve's decision to keep interest rates unchanged, coupled with a modest 2.3% annualized growth in the U.S. GDP for Q4 2024, further supported the market. Investors are now keenly awaiting Apple's earnings announcement, which could influence future market movements.