QQQ Slips 1.24% as Crude Surges 50% on Iran Conflict
QQQ has declined 1.24% over the past week as Iran conflict-driven volatility and rising discount-rate fears weigh on tech multiples. Concurrently, crude oil prices have surged roughly 50% since February 28, fueling a 45% rally in USO and pushing XLE above $57.
1. Oil Surge and Energy ETF Rally
Since U.S.–Israel strikes on Iran began Feb 28, crude oil has soared about 50%, with Brent trading above $100 and WTI surpassing that level fastest on record. This spike fueled a 45% rise in USO to over $120 and lifted XLE from the mid-40s in January to above $57.
2. Broad Equity ETF Pullback
Cyclical and large-cap index ETFs have also retreated, with the Dow ETF sliding more than 5% over the past month and the S&P 500 ETF down nearly 3% as geopolitical risk and inflationary pressures mount.
3. QQQ Decline Amid Tech Volatility
The Invesco QQQ Trust has fallen approximately 1.24% in the last week as Iran-driven market swings and higher discount-rate expectations weigh on technology stock valuations.