Technology-based exchange traded funds have soared along with the benchmark Nasdaq Composite ( COMP.IND ), which rocketed higher on Tuesday for the second straight session as Wall Street start’s the fourth quarter off with a bang.
The popular Invesco QQQ ( NASDAQ: QQQ ), which is meant to track the Nasdaq 100, has jumped to an early gain of 2.8% . While still lower on the year by 29.8% , QQQ has started off the fourth quarter on the right note as the fund is +5.5% in two sessions.
Rising even further is its triple leveraged cousin fund ProShares UltraPro QQQ ( NASDAQ: TQQQ ), which has popped 8.3% on Tuesday and +16.8% in Q4. TQQQ is -73.6% as a whole in 2022.
Aside from QQQ and TQQQ, the broad-spectrum Technology Select Sector SPDR Fund ( NYSEARCA: XLK ) has moved higher as well. XLK, with its $40.95B assets under management, is +3% in afternoon trading.
Tech ETFs and underlying stocks have felt some breathing room as Wall Street’s recent risk-on appetite ripples through the market. Stock market bottom chatter has escalated and some investors are buying the dip.
Among some of the tech dip buyers was ARK Invest Cathie Wood, as she scooped up more than 130K shares of the falling Tesla.
Below are some additional tech-based ETFs that have also popped to start Q4: ( NYSEARCA: VGT ), ( IYW ), ( IGV ), ( FTEC ), ( IGM ), ( RYT ), and ( QTEC ).
In broader news, major market averages trade higher on Monday following a strong rally in the previous session.
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Tech ETFs pop as Nasdaq surges