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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 the radar. The fund just hit a 52-week high and is up 40% from its 52-week low price of $165.72/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 105 of the largest domestic and international non-financial companies listed on Nasdaq. It charges 15 bps in annual fees (see: all the Large-Cap Growth ETFs here).
Why the Move?
Nasdaq has been an area to watch lately, given the surge in the index. Upbeat earnings from the likes of Alphabet (GOOGL - Free Report) , Meta Platforms (META - Free Report) and others are driving the stock market to record highs. The tech titans have boosted their capital spending plans and pledged to continue investing in artificial intelligence.
More Gains Ahead?
Currently, QQQM has a Zacks ETF Rank #1 (Strong 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.