Montana took the unusual step on Wednesday of banning Chinese-owned short video app TikTok, with lawmakers of the sparsely populated western U.S. state saying they aimed to protect residents from alleged intelligence gathering by China.
A group of five TikTok users, who also create content posted on the short-video app, filed suit in U.S. District Court in Montana on Thursday seeking to block the state's new ban on the Chinese-owned platform.
The NASDAQ 100 After Hours Indicator is up 1.15 to 13,835.77. The total After hours volume is currently 62,228,253 shares traded.The following are the most active stocks for the after hours session: agilon health, inc. (AGL) is unchanged at $22.61, with 2,560,508 shares traded.
The Nasdaq and the S&P 500 rose on Thursday as investors
shifted into high-growth stocks amid optimism about a U.S. debt
ceiling deal being reached soon, while shares of Walmart gained
on its strong annual forecast.
The hot run for the technology sector is back and dominating the stock market rally once again. The combination of easing inflation, upbeat corporate earnings, the regional bank crisis and the adoption of new-era technologies have been driving the sector higher.The rally
Apple (NASDAQ: AAPL) has been witnessing resilient demand for its iPhones even though the overall smartphone market is in the soup, as was evident from the company's results for its fiscal 2023 second quarter (ended April 1), which were released on May 4. But there's one niche of
The Invesco QQQ Trust (
QQQ
) ETF (
Exchange-Traded Fund) has advanced more than 24% so far in 2023, outperforming the 8% rise in the S&P 500 Index (
SPX
). Even after the solid year-to-date run,
technical indicators reveal further upside.
QQQ tracks the Nasdaq-100 Index (
NDX
), providing investors exposure to many leading
technology stocks. It comprises companies that are at the forefront of innovation and are focusing on attractive themes like
cloud computing, augmented reality, mobile payments, streaming services, and
electric vehicles.
The top three sectors that QQQ offers exposure to are tech, consumer discretionary, and healthcare, with the tech sector stocks accounting for nearly 66% of the ETF. Microsoft (
MSFT
), Apple (
AAPL
), and Amazon (
AMZN
) are the top three holdings of QQQ.
It is interesting to note that QQQ has outperformed the S&P 500 Index in nine of the last 10 years. Furthermore, QQQ has a low expense ratio of 0.20%, which makes it an attractive ETF investment.
What do Technical Indicators Signal?
QQQ is a Buy based on TipRanks’ easy-to-understand summary signals that combine the moving averages and technical indicators into a single, summarized signal.
According to TipRanks’ Technical Analysis tool, the Invesco QQQ Trust ETF’s 50-Day EMA (exponential moving average) is 314.21, while its price is $331.12, making it a Buy. Further, QQQ’s shorter duration EMA (20-day) also signals a bullish trend.
Aside from technical indicators, analysts’ consensus also indicates further upside. As per 1,697 analysts providing ratings on QQQ's Holdings, the ETF is a Moderate Buy and the average price target of $365.90 implies 10.5% upside.
Further, of the 1,697 analysts offering recommendations on QQQ’s
102 holdings, 66.65% have a Buy rating, 29.4% have a Hold rating, and nearly 4% have a Sell rating.
Overall, QQQ is a Buy as per technical indicators and Wall Street analysts. Moreover, according to TipRanks’ Smart Score System,
QQQ has a smart score of 8 out 10, which indicates that the ETF could outperform the broader market over the long term.
Disclosure
The NASDAQ 100 Pre-Market Indicator is up 21.59 to 13,610.85. The total Pre-Market volume is currently 32,816,759 shares traded.The following are the most active stocks for the pre-market session: Alibaba Group Holding Limited (BABA) is +4.49 at $93.25, with 4,064,561 shares tra
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