The tech sector is showing signs of a cautious rebound as the week concludes, with the Nasdaq 100 experiencing a modest recovery. Apple's positive guidance has provided a boost, despite ongoing challenges such as declining iPhone sales and issues in China. However, uncertainty remains, particularly with Nvidia's upcoming meeting with former President Trump, which has contributed to its lagging performance. Investors are increasingly looking beyond US tech stocks, with European equities and the equal-weight S&P 500 outperforming their counterparts, indicating a shift in market sentiment. This broader market participation suggests a growing interest in alternatives to the tech giants, as concerns about overvaluation and ownership concentration persist.
The ProShares UltraPro Short QQQ ETF (SQQQ) experienced a decline, dropping 4.23% to $27.63 at 10:40 AM on Friday, January 31.