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Nasdaq ETF (QQQM) Hits New 52-Week High
For investors seeking momentum, Invesco NASDAQ 100 ETF (QQQM - Free Report) is probably on radar. The fund just hit a 52-week high and is up 35% from its 52-week low price of $140.84/share.
But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea of where it might be headed:
QQQM in Focus
Invesco NASDAQ 100 ETF provides exposure to 103 of the largest domestic and international nonfinancial companies listed on Nasdaq. It charges 15 bps in annual fees (see: all the Large-Cap Growth ETFs here).
Why the Move?
The Nasdaq has been an area to watch lately, given the resurge in the technology sector powered by Nvidia (NVDA - Free Report) and the revival of rate cut bets. Nvidia overtook Apple (AAPL - Free Report) , topping $3 trillion in market cap and becoming the second-most valuable company in the United States.
The rate cut bets ramped up again following the latest bouts of data, which signals slowdown in in the world's largest economy. The rate cut bets ramped up again following the latest bouts of data, which signals slowdown in in the world's largest economy. Lower interest rates generally lead to reduced borrowing costs, which help businesses expand their operations more easily, resulting in increased profitability. This, in turn, stimulates economic growth and thus provides a boost to the stock market.
More Gains Ahead?
Currently, QQQM has a Zacks ETF Rank #2 (Buy), suggesting that the outperformance could continue in the months ahead. However, many spaces that make up this ETF have a strong Zacks Industry Rank. So, there is definitely some promise for those who want to ride this surging ETF a little further.