Invesco QQQ Trust, Series 1 (NASDAQ: QQQ) stock stands still amid the tough market conditions of the US market. The recent crash in the US banking sector led most of the US financial market in a downtrend. But, the drop in bond yields supported QQQ stock price, which does not seem to last long. However, any further declines in bond yields may be led by expectations of a deflationary recession that would not be positive for the QQQ.
Invesco QQQ Trust, Series 1 is an Exchange Traded-Fund (ETF) on the Nasdaq-100 Index. Its objective is to provide investment results that generally coincide with the price and yield performance of the Nasdaq-100 Index.
QQQ Stock Price Analysis
QQQ stock price marked a 0.73% increase in 1 week. While its trading price this week ranges between $285 to $298.93, that was yesterday’s closing price. QQQ stock closed yesterday with a 0.52% price gain. This week, the stock gave a high at $297.93 and a low at $285.19. Invesco QQQ ETF (NASDAQ: QQQ) stock is moving upward and continues to form a bullish curve. QQQ stock has a 52-week low of $254.26 and a 52-week high of $371.83.
In one month, QQQ stock declined by 0.73%, while its year-to-date (YTD) price rose by nearly 11%. It must be noted that amid the US banking sector’s shocking condition, QQQ stock performed quite well last week. Investors believe the instability is positive for tech stocks because of lower interest rate expectations. This recent price gain of QQQ stock may indicate that lower interest rates than previously expected may support valuations.
Meanwhile, many companies on the QQQ are only expected to generate strong free cash flows and dividends many years from now. Additionally, a high discount rate should affect these stock valuations.
QQQ Share Purchase
According to Summit Financial LLC’s recent Form 13F filing with the Securities and Exchange Commission (SEC) on March 11, the firm increased its position in Invesco QQQ Trust by 27.3% in the third quarter. The firm currently has 21,695 shares of QQQ’s stock, with an additional purchase of 4,653 shares during the quarter.
Invesco QQQ Trust accounts for nearly 0.6% of Summit Financial LLC investment portfolio, making the stock its 21st largest holding. Notably, the holding of Summit Financial LLC in Invesco QQQ Trust is now worth $5,809,000 at the end of the most recent quarter.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/03/16/invesco-qqq-stock-price-shrugs-off-recent-us-financial-health/