What To Know: Shares of the SQQQ also surged following the release of the University of Michigan's final consumer sentiment report, which painted a bleak picture of inflation expectations and economic confidence.

SQQQ is a leveraged inverse ETF designed to deliver three times the inverse daily return of the Nasdaq-100 Index (NDX), meaning it thrives when tech-heavy stocks decline.

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A sharp rise in five-year inflation expectations to 4.1%—the highest since 1993—alongside plunging consumer sentiment raised fears that the Federal Reserve may keep interest rates higher for longer.

Higher inflation erodes corporate profitability, particularly for growth stocks in the Nasdaq-100, which are sensitive to rising borrowing costs.

As concerns over a weakening labor market and deteriorating consumer sentiment mounted, investors fled riskier assets Friday, triggering a selloff in technology stocks.

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According to data from Benzinga Pro, SQQQ has a 52-week high of $64.95 and a 52-week low of $26.21.