Invesco QQQ Drops 1.5% as Oil Hits $120, Top Holder Cuts 90% Stake
Invesco QQQ declined 1.50% to $599.75 on Friday as crude oil spiked near $120 after Gulf tensions disrupted shipping through the Strait of Hormuz and equities slumped. Meanwhile, Advisor Resource Council slashed its Q3 holding in QQQ by 90%, selling 3,858 shares to retain just 428 shares.
1. Market Sell-Off Hits QQQ
Invesco QQQ slid 1.50% to $599.75 on Friday as Brent Crude approached $120 and Gulf tensions disrupted oil shipping through the Strait of Hormuz. The broader Nasdaq 100 pullback reflected risk-off sentiment driven by a nearly 23% surge in Brent and concerns over energy supply tightening.
2. Advisor Resource Council Cuts QQQ Stake
Advisor Resource Council reduced its QQQ holding by 90% in the third quarter, offloading 3,858 shares and retaining only 428. The steep reduction highlights a shift in institutional allocations away from technology-heavy ETFs amid rising market volatility and geopolitical uncertainty.