ProShares UltraPro QQQ (NASDAQ:TQQQ) shares are trading higher by 7.5% to $39.98 on a week-to-date basis. For the unitiated, per ProShares, TQQQ seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Nasdaq-100 (NASDAQ:QQQ) ETF.
The ETF is rising after Producer Price Index (PPI) for final demand slumped 0.3% month-on-month in May, down from the previous 0.2% monthly increase and below the expected 0.1% fall.
The PPI print follows the May consumer price index (CPI) reading, which came in lower than expected, supporting market belief that the Fed is nearing the end of its interest rate hike cycle.
See Also: ‘No More Fed Hikes!’ Economist Declares End Of Inflation Frenzy, Urges FOMC To Stop Tightening Now
The Nasdaq-100 Index includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market. Many of these companies are well-known technology companies, which have exhibited strong growth in recent years.
If an investor believes in the long-term growth potential of the technology sector, they may see TQQQ as a way to participate in that growth.
According to data from Benzinga Pro, TQQQ has a 52-week high of $40.00 and a 52-week low of $16.10.
