Investors Buying Dip Get Run Over as Nasdaq Losses Deepen
- Major ETFs focused on tech, QQQ and TQQQ, saw huge inflows
- Tech shares slump again on Tuesday as trading resumes
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As tech stocks led a selloff in U.S. equities that started last week, investors used the pullback to plow billions into funds tracking the Nasdaq -- just in time for the next leg down.
Almost $1.7 billion was added to the Invesco QQQ Trust exchange-traded fund, ticker QQQ, in the final two days of last week. Traders also poured nearly $600 million into the ProShares UltraPro QQQ ETF (TQQQ) on Thursday, a triple-leveraged product aiming to deliver three times the daily performance of the Nasdaq 100.