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After a turbulent week, U.S. stocks soared on a sharp rally in the big tech stocks, driven by product announcements from tech giants like Apple (AAPL - Free Report) and Nvidia (NVDA - Free Report) ahead of the Consumer Electronics Show.
While all three major indices saw gains at the start of a fresh week, the tech-heavy Nasdaq Composite Index was the biggest beneficiary, rising 2.2%, its best day since November. As a result, the ETFs tracking the index are in focus. These include Invesco QQQ (QQQ - Free Report) , Invesco NASDAQ 100 ETF (QQQM - Free Report) , First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW - Free Report) , Invesco NASDAQ Next Gen 100 ETF (QQQJ - Free Report) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE - Free Report) . These funds may see massive trading volumes in the days ahead, given the bullish fundamentals (read: What Awaits Nasdaq ETFs in 2024 After Best Year Since 2020?).
The iPhone maker soared after it was announced that its Vision Pro virtual reality (VR) headset would be launched in the United States on Feb 2, with preorders opening on Jan 19. It will cost $3,499, with prescription lens add-ons costing $149.2. The Vision Pro will enable Apple to compete with Meta Platforms’ (META - Free Report) Quest 3, which captured the majority of the virtual reality headset market in 2023.
Meanwhile, Nvidia, which tripled last year on the artificial intelligence (AI) craze, hit new highs to start the week. The chipmaker unveiled three new graphics processing units (GPU) designed to power AI on personal computers, adding to its suite of market-leading AI chips.
The decline in Treasury yields also leased a fresh lease of life in the U.S. stocks, especially the tech stocks. The 10-year yields declined to 4.00% on Jan 8 after settling at 4.041% on Friday.
Invesco QQQ provides exposure to the 101 largest domestic and international non-financial companies listed on the Nasdaq by tracking the Nasdaq 100 Index. Information technology accounts for 57% of the assets, while consumer discretionary makes up 18.7% share.
Invesco QQQ is one of the largest and most popular ETFs in the large-cap space, with an AUM of $225.6 billion and an average daily volume of 41 million shares. Invesco QQQ charges investors 20 bps in annual fees and has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook.
Invesco NASDAQ 100 ETF is identical to QQQ, tracking the NASDAQ-100 Index, but comes with lower annual fees of 15 bps. It holds 102 securities in its basket, with a higher concentration on the top firm.
Invesco NASDAQ 100 ETF accumulated $18 billion in its asset base and trades in an average daily volume of 1.6 million shares. It has a Zacks ETF Rank #2 (read: 5 Best Top-Ranked ETFs of 2023 Set to Soar in 2024).
First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW - Free Report)
Holding 101 stocks, First Trust NASDAQ-100 Equal Weighted Index Fund provides equal exposure to stocks on the Nasdaq-100 Equal Weighted Index. It has amassed $2.2 billion in its asset base, while trading in moderate volumes of 130,000 shares a day, on average.
First Trust NASDAQ-100 Equal Weighted Index Fund charges 58 bps in annual fees and carries a Zacks ETF Rank #2 with a Medium risk outlook.
Invesco NASDAQ Next Gen 100 ETF follows the NASDAQ Next Generation 100 Index, which comprises securities of the next generation of Nasdaq-listed non-financial companies, i.e., the largest 100 Nasdaq-listed companies outside of the NASDAQ-100 Index. In total, the product holds 106 securities, with each accounting for less than 2.1% of the assets.
Invesco NASDAQ Next Gen 100 ETF charges 15 bps in annual fees and sees a good trading volume of nearly 135,000 shares a day. With AUM of $657.3 million, QQQJ has a Zacks ETF Rank #3.
Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE - Free Report)
Direxion NASDAQ-100 Equal Weighted Index Shares provides an equal-weight exposure to the NASDAQ-100 Index by tracking the NASDAQ-100 Equal Weighted TR Index. Information technology takes a 36.2% share while healthcare, consumer discretionary, communication services and industrials round off the next spots with double-digit exposure each.
Direxion NASDAQ-100 Equal Weighted Index Shares has amassed $1 billion and trades in an average daily volume of 238,000 shares. It charges 35 bps in annual fees and has a Zacks ETF Rank #2.
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Nasdaq Surges on Big Tech: ETFs in Focus
After a turbulent week, U.S. stocks soared on a sharp rally in the big tech stocks, driven by product announcements from tech giants like Apple (AAPL - Free Report) and Nvidia (NVDA - Free Report) ahead of the Consumer Electronics Show.
While all three major indices saw gains at the start of a fresh week, the tech-heavy Nasdaq Composite Index was the biggest beneficiary, rising 2.2%, its best day since November. As a result, the ETFs tracking the index are in focus. These include Invesco QQQ (QQQ - Free Report) , Invesco NASDAQ 100 ETF (QQQM - Free Report) , First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW - Free Report) , Invesco NASDAQ Next Gen 100 ETF (QQQJ - Free Report) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE - Free Report) . These funds may see massive trading volumes in the days ahead, given the bullish fundamentals (read: What Awaits Nasdaq ETFs in 2024 After Best Year Since 2020?).
The iPhone maker soared after it was announced that its Vision Pro virtual reality (VR) headset would be launched in the United States on Feb 2, with preorders opening on Jan 19. It will cost $3,499, with prescription lens add-ons costing $149.2. The Vision Pro will enable Apple to compete with Meta Platforms’ (META - Free Report) Quest 3, which captured the majority of the virtual reality headset market in 2023.
Meanwhile, Nvidia, which tripled last year on the artificial intelligence (AI) craze, hit new highs to start the week. The chipmaker unveiled three new graphics processing units (GPU) designed to power AI on personal computers, adding to its suite of market-leading AI chips.
The decline in Treasury yields also leased a fresh lease of life in the U.S. stocks, especially the tech stocks. The 10-year yields declined to 4.00% on Jan 8 after settling at 4.041% on Friday.
ETFs in Focus
Invesco QQQ (QQQ - Free Report)
Invesco QQQ provides exposure to the 101 largest domestic and international non-financial companies listed on the Nasdaq by tracking the Nasdaq 100 Index. Information technology accounts for 57% of the assets, while consumer discretionary makes up 18.7% share.
Invesco QQQ is one of the largest and most popular ETFs in the large-cap space, with an AUM of $225.6 billion and an average daily volume of 41 million shares. Invesco QQQ charges investors 20 bps in annual fees and has a Zacks ETF Rank #2 (Buy) with a Medium risk outlook.
Invesco NASDAQ 100 ETF (QQQM - Free Report)
Invesco NASDAQ 100 ETF is identical to QQQ, tracking the NASDAQ-100 Index, but comes with lower annual fees of 15 bps. It holds 102 securities in its basket, with a higher concentration on the top firm.
Invesco NASDAQ 100 ETF accumulated $18 billion in its asset base and trades in an average daily volume of 1.6 million shares. It has a Zacks ETF Rank #2 (read: 5 Best Top-Ranked ETFs of 2023 Set to Soar in 2024).
First Trust NASDAQ-100 Equal Weighted Index Fund (QQEW - Free Report)
Holding 101 stocks, First Trust NASDAQ-100 Equal Weighted Index Fund provides equal exposure to stocks on the Nasdaq-100 Equal Weighted Index. It has amassed $2.2 billion in its asset base, while trading in moderate volumes of 130,000 shares a day, on average.
First Trust NASDAQ-100 Equal Weighted Index Fund charges 58 bps in annual fees and carries a Zacks ETF Rank #2 with a Medium risk outlook.
Invesco NASDAQ Next Gen 100 ETF (QQQJ - Free Report)
Invesco NASDAQ Next Gen 100 ETF follows the NASDAQ Next Generation 100 Index, which comprises securities of the next generation of Nasdaq-listed non-financial companies, i.e., the largest 100 Nasdaq-listed companies outside of the NASDAQ-100 Index. In total, the product holds 106 securities, with each accounting for less than 2.1% of the assets.
Invesco NASDAQ Next Gen 100 ETF charges 15 bps in annual fees and sees a good trading volume of nearly 135,000 shares a day. With AUM of $657.3 million, QQQJ has a Zacks ETF Rank #3.
Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE - Free Report)
Direxion NASDAQ-100 Equal Weighted Index Shares provides an equal-weight exposure to the NASDAQ-100 Index by tracking the NASDAQ-100 Equal Weighted TR Index. Information technology takes a 36.2% share while healthcare, consumer discretionary, communication services and industrials round off the next spots with double-digit exposure each.
Direxion NASDAQ-100 Equal Weighted Index Shares has amassed $1 billion and trades in an average daily volume of 238,000 shares. It charges 35 bps in annual fees and has a Zacks ETF Rank #2.