The ProShares UltraPro QQQ ETF (TQQQ) is experiencing a surge, driven by a positive sentiment in the tech sector following Apple's earnings report. Apple exceeded analyst expectations for earnings and revenue, despite weaker iPhone sales, which has bolstered investor confidence in the tech sector. This optimism is reflected in the Nasdaq-100 futures, which climbed 0.7% as of January 31, 2025. Additionally, strong earnings from chipmakers like Intel and KLA have further fueled the rally in tech stocks, contributing to the upward momentum of the Nasdaq-100 index, which TQQQ tracks.
Moreover, the market is closely watching the release of the Personal Consumption Expenditures (PCE) inflation data, which showed a 0.3% increase in December, aligning with expectations. This data is crucial as it influences Federal Reserve rate expectations, potentially impacting market sentiment. Despite concerns over inflation, the tech sector's resilience, highlighted by Apple's performance, has overshadowed these worries, leading to increased investor interest in tech-focused ETFs like TQQQ.
The TQQQ ETF rose to $86.01, marking a 3.41% increase from the previous close.