The ProShares UltraPro Short QQQ ETF (SQQQ) is experiencing downward pressure as the Nasdaq 100 index sees gains, driven by a mix of positive tech earnings and cautious optimism amid ongoing trade tensions. Notably, Alphabet is set to report earnings after the market close, with expectations of $2.12 EPS on $96.6 billion in revenue, which has kept investor sentiment buoyant. Additionally, Palantir's shares surged 26% following a strong earnings report, contributing to the Nasdaq's upward momentum. Despite the backdrop of U.S.-China trade tensions, with China imposing retaliatory tariffs on U.S. imports, the tech sector's resilience is providing a counterbalance, helping lift the index.
The current price of the Nasdaq 100 index is 21,484.09, reflecting a 0.88% increase. The SQQQ ETF, which inversely tracks the Nasdaq 100, is down 2.56% at $28.96 as of 10:00 AM on February 4, 2025.