Traders Pour Billions Into Battered Tech ETFs in Dip-Buying Bid
- QQQ had best weekly inflows since June even as fund slumped
- Tech will find bids ‘in almost dip scenario’: RBA’s Suzuki
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Beleaguered dip buyers piled into tech-focused ETFs last week, undeterred by a rout in risk assets that wiped $370 billion from the Nasdaq 100.
More than $2.6 billion flooded into the Invesco QQQ Trust Series 1 exchange-traded fund (ticker QQQ) last week, according to data compiled by Bloomberg. While that was the biggest influx since June, the ETF slumped more than 2%. Meanwhile, the ProShares UltraPro QQQ fund (TQQQ) -- a triple-leveraged bet on tech shares -- absorbed nearly $650 million. Even so, the fund tumbled 6.7% in the span.