Why Nasdaq-100 Inverse ETF SQQQ Is Down This Week

ProShares UltraPro Short QQQ ETF SQQQ shares are trading sharply lower by some 3.72% to $29.68 on a week-to-date basis Friday morning. SQQQ is a popular, 3x-leveraged inverse ETF that tracks the Nasdaq-100.

Major indices are higher for the week following strong quarterly results from megacap tech companies, including Microsoft Corporation MSFT and Meta Platforms Inc META, adding to positive market sentiment for the week. Additionally, initial jobless claims came in below estimates.

What Else is Going On In The Broader Market?

The SPDR S&P 500 ETF and other major indicies are otherwise experiencing weakness Friday morning after the Bureau of Economic Analysis reported a 4.2% increase in the personal consumption expenditures price index in the month of March, suggesting the Federal Reserve still has a long way to go in its battle against inflation...Read More

According to data from Benzinga Pro, SQQQ has a 52-week high of $69.55 and a 52-week low of $29.18.