Why TQQQ Stock Hit A New 52-Week High
ProShares UltraPro QQQ (NASDAQ:TQQQ) shares are trading higher by 3.65% to $43.49 Thursday morning. Major indexes are higher after June CPI data showed softer-than-expected inflation. Additionally, strong financial results from Delta could be lifting market sentiment ahead of upcoming corporate earnings.
Markets are also reacting after the Producer Price Index (PPI) for final demand recorded a 0.1% month-on-month rise in June, the Bureau of Labor Statistics said Thursday, rebounding from the revised 0.4% drop recorded in May but below the expected 0.2% rise.
What Happened With U.S. CPI Inflation?
U.S. CPI inflation in June decelerated more than anticipated, reinforcing investor expectations of a single rate hike by the Federal Reserve followed by a halt to its tightening cycle. The Bureau of Labor Statistics' data reveals a drop in the annual inflation rate from 4% in May to 3% in June, slightly below the average economist forecast of 3.1%.
This marks the twelfth consecutive month of declining inflation and the lowest reading since March 2021...Read More
What Else?
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 $43.39 and a 52-week low of $16.10.