QQQ - Tech ETFs rise as Nasdaq moves 20% off June low boosted by cooler inflation reports

The Nasdaq ( COMP.IND ) continued to rally on Thursday, with the recent spate of gains taking the index more than 20% off the 52-week low it reached in mid-June -- considered a sign that the benchmark tech index may have left the bear market behind it.

The advance has taken a number of technology ETFs with it, with the latest leg coming amid cooler-than-expected inflation data. This includes softer July Producer Price Index figures on Thursday, which hit the market a day after an encouraging Consumer Price Index report came out.

The Nasdaq has now closed positive in nine of its last eleven sessions. As the index advances, exchange traded funds that track the major index have pushed higher as well.

On Thursday, the benchmark Invesco QQQ Trust ( NASDAQ: QQQ ) gained 1% in early trading. At the same time, the 3X leveraged version of the Nasdaq 100 has also tracked higher, with the ProShares UltraPro QQQ ( NASDAQ: TQQQ ) up 3.1% .

QQQ which is still negative on the year by 18.2% has rallied since its year-to-date low back in mid-June by 21.9% . TQQQ on the other hand has surged 74.9% since the same time frame despite still being down 56.2% in 2022.

The latest PPI and CPI reports signaled to Wall Street that the pace of inflation appears to be slowing, raising hope that the Federal Reserve could ease off its most aggressive plans for rate hikes. Any easing will most emphatically support tech names.

The conditions that spurred a rise in the Nasdaq has not only supported QQQ and TQQQ but have also helped other popular tech-based exchange traded funds as well.

Other popular tech ETFs that are also rising after Thursday’s PPI report: Invesco NASDAQ Next Gen 100 ETF ( QQQJ ) +1.5% , Invesco NASDAQ 100 ETF ( QQQM ) +1% , Technology Select Sector SPDR Fund ( NYSEARCA: XLK ) +0.8% , Vanguard Information Technology Index Fund ( VGT ) +0.8% , SPDR NYSE Technology ETF ( XNTK ) +1.8% , and Cathie Wood’s ARK Innovation ETF ( NYSEARCA: ARKK ) +3.7% .

In broader market news, the Nasdaq is not the only index to push higher on Thursday. Wall Street has also witnessed support for both the Dow Jones and S&P 500 as well.

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