ProShares UltraPro QQQ is trading 6.6% down as its underlying Nasdaq-100 and large-cap tech exposure sells off sharply, with the fund's leveraged structure magnifying the downside move.
- Growth stocks are broadly underperforming, with the Nasdaq Composite falling about 1.8% as investors de-risk from high-valuation technology names.
- A sharp rotation out of semiconductors is weighing on the index, triggered by Broadcom’s post-earnings decline and weakness in peers like Micron.
- Broader market sentiment has turned risk-off as investors exercise caution ahead of the latest U.S. Employment Situation report.