Invesco QQQ Trust (NASDAQ: QQQ) is an ETF that tracks the performance of the 100 largest companies listed on the Nasdaq. While this is mainly made up of technology companies, it holds the stocks in many other industries such as Costco and Lululemon.
Despite having a somewhat muted day, some of the underlying holdings of QQQ had meaningful moves today. Let’s start with the good.
MongoDB (MDB) was the largest mover in the QQQ today. It was up 6% today on basically no news, a welcome change given the stock has dropped about 30% over the past 30 days. I personally own MongoDB and plan to continue holding it despite the short-term pricing.
It’s worth noting that MongoDB only makes up about 0.1% of QQQ. As a market cap weighted ETF, QQQ holds a greater percentage of its assets in larger companies such as Microsoft (8.75%) and Apple (8.4%), and a smaller amount in relatively small companies like MongoDB. Other ETFs seek to hold an equal amount of the companies they hold such as Direxion NASDAQ-100 Equal Weighted (QQQE), which does exactly what you expect based on the name.
The second largest gainer in QQQ today was Tesla (Nasdaq: TSLA) moving up 4.8% today. It comprises 2.3% of the QQQ, so it has a much higher impact than MongoDB. And finally, another small company Datadog (DDOG) gained 3.4% today.
On the downside…
The three major losers within QQQ today were:
- Moderna (MRNA), dropping 11% on news that a Centers for Disease Control and Prevention (CDC) report showed their RSV vaccine loses effectiveness much faster than competing firms.
- Constellation Energy (CEG) lost 5.4% today, which of course is a minor pullback relative to its incredible 132% rise over the past 1-year.
- Paychex (PAYX) dropped 6.1% despite reporting expectation-beating earnings on both the top and bottom line. They’ve traded around this range for the past year, but if they keep beating earnings like this, eventually the market will catchup to their performance.
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