The Nasdaq ( COMP.IND ) continued to rally on Thursday, with the current streak of features taking the index down greater than 20% from a 52-week low hit in mid-June — seen as an indication that the benchmark tech index could have left the bear market behind it.
The advance has taken a lot of tech ETFs with it, with the newest rally approaching the again of cooler-than-expected inflation knowledge. That features weaker July Producer Value Index numbers on Thursday, which hit the market a day after an encouraging Client Value Index report got here out.
The Nasdaq has now been optimistic in 9 of the final eleven classes. Because the index advances, exchange-traded funds that observe the key index have additionally risen.
On Thursday, the benchmark Invesco QQQ Belief (NASDAQ:QQQ) gained 1% in early transactions. On the identical time, the 3X leveraged model of the Nasdaq 100 additionally moved increased, with ProShares UltraPro QQQ (NASDAQ:TQQQ) up three.1%.
QQQ which remains to be destructive within the yr of 18.2% rose from a year-to-date low in mid-June to 21.9%. However, TQQQ rose 74.9% from the identical time-frame, regardless of nonetheless being down 56.2% in 2022.
The newest PPI and CPI stories signaled to Wall Avenue that the tempo of inflation seems to be slowing, elevating hopes that the Federal Reserve could ease its most aggressive fee hike plans. Any leisure will particularly assist the title of expertise.
The situations that drove the Nasdaq up not solely supported QQQ and TQQQ, but additionally helped different widespread technology-based exchange-traded funds.
Different widespread tech ETFs additionally rising after Thursday’s PPI report: Invesco NASDAQ Subsequent Gen 100 ETF (QQQJ) +1.5%Invesco NASDAQ 100 ETF (QQQM) +1%Know-how Choose Sector Fund SPDR (NYSEARCA: XLK) +zero.eight%Vanguard Data Know-how Index Fund (VGT) +zero.eight%SPDR NYSE Know-how ETF (XNTK) +1.eight%and Cathie Wooden’s ARK Innovation ETF (NYSEARCA: ARCH) +three.7%.
In broader market information, the Nasdaq wasn’t the one index to rise on Thursday. Wall Avenue additionally witnessed assist for each the Dow Jones and the S&P 500.