The Invesco QQQ Trust (NASDAQ:QQQ) has plunged to its lowest level in 12 weeks, with the Nasdaq-100 tracking ETF down 2.83% over the past week and 6.7% below its January 28 peak of $636.60. The tech-heavy index has shed 3.28% year-to-date, with selling pressure concentrated in semiconductors and mega-cap technology names.
Semiconductors Lead the Decline
The chip sector bore the brunt of the selloff. Advanced Micro Devices (NASDAQ:AMD | AMD Price Prediction) dropped 7.96% over the past week to $196.58, while Nvidia (NASDAQ:NVDA) fell 4.55% to $179.96. The iShares Semiconductor ETF declined 1.50% to $349.33, underscoring broad-based weakness across chip stocks that are heavily represented in the Nasdaq-100.
Software and Internet Giants Under Pressure
Microsoft (NASDAQ:MSFT) has suffered the steepest decline among mega-caps, plummeting 18.02% year-to-date to $396.49 despite beating earnings expectations. Other mega-cap technology stocks also faced significant pressure, with Alphabet dropping 6.72% over the week to $297.19, Meta Platforms declining 6.08% to $629.96, and Apple falling 5.33% to $259.10.
What’s Driving the Selloff
Technical indicators confirm the weakness. QQQ’s RSI sits at 40.88, approaching oversold territory after plunging from 61.19 in late January. The MACD remains deeply negative at -3.96, signaling sustained bearish momentum. Elevated trading volumes on down days suggest institutional selling rather than retail panic.
The pullback has compressed valuations across the tech sector. QQQ’s RSI at 40.88 and negative MACD at -3.96 indicate continued bearish momentum, with elevated trading volumes on down days suggesting institutional selling rather than retail panic.
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