Why Nasdaq-100 Inverse ETF SQQQ Hit A New 52-Week Low Today

ProShares UltraPro Short QQQ ETF SQQQ shares are trading lower by 2.01% to $22.45 Tuesday morning. SQQQ is a popular, 3x-leveraged inverse ETF that tracks the Nasdaq-100 QQQ.

The Nasdaq-100 is rising Tuesday amid overall market strength on hopes of a debt ceiling resolution and strength in the broader tech sector.

See Also: Why Equitrans Midstream (ETRN) Stock Is Exploding Higher

What's Going On With The Debt Ceiling?

Harvard professor and noted economist Jason Furman believes the debt ceiling agreement is significantly better than nothing but said it was too close for comfort.

"The budget/debt agreement is vastly better than nothing and probably about where things would have landed in a regular appropriations debate. I am hoping we are getting close to the end of this process and removing an unnecessary...Read More

According to data from Benzinga Pro, SQQQ has a 52-week high of $69.55 and a 52-week low of $21.82.