Why Nasdaq-100 Inverse ETF SQQQ Is Up 11%

ProShares UltraPro Short QQQ ETF SQQQ shares are trading sharply higher by some 10.91% to $58.75 Friday. SQQQ is a popular, 3x-leveraged inverse ETF that tracks the Nasdaq-100.

Major indices are lower Friday following better-than-expected U.S. unemployment data, which has added to concerns over a tight labor market. This has lowered expectations for a Fed policy pivot.

What's Going On In The Broader Market?

The U.S. added 263,000 jobs last month, outpacing average economist estimates of 250,000 jobs, according to Benzinga Pro. 

New data from the Bureau of Labor Statistics showed the U.S. unemployment rate at 3.5%, beating the 3.7% level economists had projected. The labor participation rate dropped 0.1% to 62.3%, compared to the 63.4% pre-pandemic rate in February 2020...Read More

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According to data from Benzinga Pro, SQQQ has a 52-week high of $67.69 and a 52-week low of $28.15.