Zacks Investment Ideas feature highlights: The Invesco QQQ Trust ETF, VanEck Vectors Semiconductor ETF and NVIDIA
Nasdaq For Immediate Release
Chicago, IL May 30, 2023 Today, Zacks Investment Ideas feature highlights The Invesco QQQ Trust ETF QQQ, VanEck Vectors Semiconductor ETF SMH and NVIDIA Inc. NVDA.
Semiconductor Strength: Bullish Move Just Getting Started?
Technology stocks continue to display signs of outperformance this year, reversing course from last years bear market. The Nasdaq 100 index, which boasts the largest tech companies on the cutting edge of transformative themes such as artificial intelligence, big data, and cloud computing, has now exceeded the early February high in a bullish breakout. Semiconductor stocks are helping to push the tech-heavy index to new highs for the year.
The Invesco QQQ Trust ETF, which tracks the Nasdaq 100 index, has witnessed steady outperformance, soaring nearly 28% to start the year:
Semiconductors Showing Relative Strength
One area of the market that has been navigating the general volatility and helping push the QQQ ETF higher is semiconductors. Looking at the return of the VanEck Vectors Semiconductor ETF over the past five months, we can see how it has helped big tech rally to year-to-date highs. The SMH ETF has surged over 38% in 2023: