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The QQQ Ripped To An All-Time High This Afternoon. Here's Why.

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The QQQ Ripped To An All-Time High This Afternoon. Here's Why.

The Invesco QQQ Trust Series 1 (NASDAQ: QQQ) raced higher Tuesday to an intraday all-time high of $341.08 before finishing higher by 1.17% at $340.60.

The major indices were trading higher as the yield on the 10-year Treasury fell to 1.625% Tuesday afternoon. Yields on the 10-year were otherwise hovering around 1.7% and higher in the month of March, weighing on names in growth and tech.

The SPDR S&P 500 ETF Trust (NASDAQ: SPY) touched an intraday all-time high of $413.52 before closing higher by 0.3% at $412.86. The SPDR Dow Jones Industrial Average ETF Trust (NASDAQ: DIA) finished lower by 0.23% at $336.79.

Here are the day's winners and losers from the Nasdaq, according to data from Benzinga Pro.

The leaders for the Nasdaq were some of the top names in growth and tech: Tesla Inc (NASDAQ: TSLA), Paypal Holdings Inc (NASDAQ: PYPL) and Apple Inc (NASDAQ: AAPL).

Tesla shares were trading higher on continued strength following Monday’s Canaccord Genuity upgrade.

Meanwhile, Micron Technology, Inc. (NASDAQ: MU), Microchip Technology Inc. (NASDAQ: MCHP) and Intel Corporation (NASDAQ: INTC) were among the top laggards in the QQQ.

Elsewhere On The Street

  • CBSE, a pre-IPO Coinbase contract listed on crypto exchange FTX, traded at $594 at press time, implying a valuation over $140 billion for Coinbase ahead of its direct listing on the Nasdaq. FTX’s Coinbase contract, CBSE, tracks Coinbase's market cap divided by 250,000,000. At the end of Coinbase’s first trading day, CBSE balances will convert into the equivalent amount of Coinbase Fractional Stock tokens… Read More
  • Chinese electric vehicle maker Nio Inc. (NYSE: NIO) confirmed its long-awaited partnership with China Petroleum & Chemical Corp ADR (NYSE: SNP) on setting up battery swap stations at Sinopec’s gas filling stations, cnEVpost reported Monday. Nio has sent out a media invitation, saying it will sign a strategic cooperation agreement… Read More
  • Earlier this year, NHTSA determined that unintended acceleration complaints about Tesla vehicles were not a fault of the vehicle, but a driver error. Like many auto manufacturers, Tesla gathers a lot of data about their vehicles, including what pedals are pressed, when and how hard. But that doesn't stop drivers from claiming they have experienced unintended acceleration in their vehicles… Read More
 

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