Why Nasdaq-100 Inverse ETF SQQQ Is Down 7%

ProShares UltraPro Short QQQ ETF SQQQ shares are trading lower by 7.01% to $24.80 Thursday morning. SQQQ is a popular, 3x-leveraged inverse ETF that tracks the Nasdaq-100 QQQ.

Major indices are higher during Thursday's session following strong earnings from NVIDIA and better-than-expected US economic data. U.S. House Speaker McCarthy said negotiators have made some debt ceiling progress but said he does not know if they will have a deal today.

What Happened With Key Economic Data?

House Speaker Kevin McCarthy said on Thursday that debt ceiling negotiators "made some progress," but open issues remain. "I don’t think everybody is going to be happy at the end of the day. That’s not how this system works," he added.

McCarthy's remarks came after days of lengthy negotiations between White House officials and senior Republican lawmakers about the need to increase the debt limit before the June 1 deadline. Treasury Secretary Janet Yellen said that the U.S. government may begin skipping payments beyond the X-date...Read More

According to data from Benzinga Pro, SQQQ has a 52-week high of $69.55 and a 52-week low of $24.73.