Invesco QQQ Trust Drops 0.4% Then Gains 1.5% After Micron Q3 Beat
QQQ•QQQ declined 0.4% as the Nasdaq 100 and S&P 500 slipped 0.4% and 0.1% respectively, while the Dow Jones rose 0.4%. The ETF rallied 1.5% in after-hours trading following Micron’s Q3 earnings beat and strong memory chip outlook.
1. Market Close Performance
QQQ ended the regular session down 0.4% as the Nasdaq 100 fell 0.4% and the S&P 500 slipped 0.1%, while the Dow Jones Industrial Average rose 0.4%. The ETF’s decline reflected investor caution over the pace of the AI-led tech rally.
2. After-Hours Recovery
In after-hours trading, QQQ jumped 1.5% following Micron’s Q3 report, which topped revenue and earnings forecasts and projected strong chip demand growth. The rebound highlighted the ETF’s sensitivity to major semiconductor company results.
3. Sector Weightings and Drivers
Semiconductor and technology stocks comprise over 50% of QQQ’s holdings, making memory chip makers key drivers of its performance. Micron’s outlook boost, coupled with lower oil prices, supported broader tech momentum in the ETF.
4. Short-Term Outlook
With JPMorgan lifting the S&P 500 target to 7,800 and bullish retail sentiment for QQQ, traders may look for further gains if tech earnings continue surprising to the upside. However, stretched valuations could prompt intermittent pullbacks.
