Biggest QQQ Exodus Since 2000 Ups the Ante on Big Tech Earnings
- Tech ETF giant loses nearly $6 billion over five day period
- Amazon, Apple, Microsoft due to report earnings next week
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Tech’s uninspired start to earnings season has investors dumping billions before the sector’s heavyweights report next week.
The $161 billion Invesco QQQ Trust Series 1 exchange-traded fund (ticker QQQ) has bled nearly $6 billion over the past five days in its worst stretch since the dot-com era of 2000, according to data compiled by Bloomberg. Tech has suffered this week after stay-at-home stalwart Netflix Inc. reported disappointing subscriber growth in the first quarter, helping drag QQQ to its first weekly drop in over a month.