Nasdaq-100 Inverse ETF SQQQ Drops Friday As Tech Rally Pressures Bearish Bets - ProShares UltraPro Short

Shares of ProShares UltraPro Short QQQ (NASDAQ:SQQQ) fell 5.03% to $28.52 on Friday, as a strong rally in technology stocks and upbeat U.S. economic data weighed heavily on the ETF.

What To Know: SQQQ is designed to deliver three times the inverse of the daily performance of the Nasdaq-100 Index, making it a popular vehicle for traders betting against large-cap tech.

The fund's losses came as the Nasdaq-100 surged to its highest level since March, driven by a broad-based risk rally. The S&P 500 extended its winning streak to nine sessions, boosted by solid corporate earnings and a stronger-than-expected April jobs report.

Nonfarm payrolls rose by 177,000, easily beating the 130,000 estimate, helping ease investor concerns over economic fallout from new tariffs.

Despite a pullback in Apple shares, other mega-cap tech names advanced, contributing to Nasdaq strength. Treasury yields jumped and the U.S. dollar meanwhile weakened, further diminishing the appeal of defensive positioning.

According to data from Benzinga Pro, SQQQ has a 52-week high of $61.60 and a 52-week low of $26.21.

SQQQProShares UltraPro Short QQQ

$38.552.09%

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