The ProShares UltraPro Short QQQ ETF (SQQQ) closed up 2.38% at $29.72 on February 3, 2025, as the Nasdaq 100 Index fell 0.84% to 21,297.58 amid heightened market volatility following new tariff announcements. Over the weekend, President Donald Trump announced tariffs on imports from Mexico, Canada, and China, which were set to take effect early Tuesday. This announcement led to a significant sell-off in U.S. stock indices, with the Nasdaq 100 experiencing a sharp decline as it fell below the 21,000 level. The market's reaction was driven by concerns over the potential economic impact of these tariffs, particularly on technology stocks, which are heavily represented in the Nasdaq 100. Despite a partial recovery later in the day, the initial shock contributed to increased demand for inverse ETFs like SQQQ, which benefit from declines in the Nasdaq 100.