Nasdaq-100 Inverse ETF SQQQ Drops Friday As Tech Rally Pressures Bearish Bets

Shares of ProShares UltraPro Short QQQ SQQQ fell 5.03% to $28.52 on Friday, as a strong rally in technology stocks and upbeat U.S. economic data weighed heavily on the ETF.

What To Know: SQQQ is designed to deliver three times the inverse of the daily performance of the Nasdaq-100 Index, making it a popular vehicle for traders betting against large-cap tech.

The fund's losses came as the Nasdaq-100 surged to its highest level since March, driven by a broad-based risk rally. The S&P 500 extended its winning streak to nine sessions, boosted by solid corporate earnings and a stronger-than-expected April jobs report.

Nonfarm payrolls rose by 177,000, easily beating the 130,000 estimate, helping ease investor concerns over economic fallout from new tariffs.

Despite a pullback in Apple shares, other mega-cap tech names advanced, contributing to Nasdaq strength. Treasury yields jumped and the U.S. dollar meanwhile weakened, further diminishing the appeal of defensive positioning.

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According to data from Benzinga Pro, SQQQ has a 52-week high of $61.60 and a 52-week low of $26.21.