Nasdaq 100 Index Today: QQQ Erases Yearly Losses Amid CPI Report, $600 Billion Saudi Arabia Investment

The Nasdaq 100 Index (NDX) has erased all of its year-to-date losses in intraday trading and is now slightly higher for the year in a significant turnaround.

This morning, the April consumer price index (CPI) report showed that inflation increased by 2.3% year-over-year, the slowest rate since February 2021 and below the expectation for 2.4% On a month-over-month basis, the CPI rose by 0.2%, below the estimate for 0.3%.

Meanwhile, the White House announced a massive $600 billion investment commitment from Saudi Arabia. Companies included in the deal are Google (GOOG) (GOOGL), Uber (UBER), Advanced Micro Devices (AMD), Boeing (BA), and more. The U.S. will also provide the Kingdom with almost $142 billion of defense equipment, making the transaction the largest defense sales agreement of all-time.

The Nasdaq 100 is up by 1.72% at the time of writing.

Which Stocks are Moving the Nasdaq 100?

Let’s take a look at TipRank’s Nasdaq 100 Heatmap, which illustrates the stocks that have contributed to the index’s price action.

Technology and consumer cyclical stocks are leading the way, powered by strong gains from Nvidia (NVDA), Broadcom (AVGO), Palantir (PLTR), and Tesla (TSLA). Consumer defensive stocks, like Pepsi (PEP) and Monster (MNST), are noticeably weak in an otherwise strong tape.

QQQ Stock Moves Higher with the Nasdaq 100

The Invesco QQQ Trust (QQQ) is an exchange-traded fund (ETF) designed to track the movement of the Nasdaq 100. As such, QQQ is rising in correlation with the Nasdaq 100 today.

Wall Street expects further upside for QQQ stock. During the past three months, analysts have issued an average QQQ price target of $547.53 for the stocks within the index, implying upside of 6.03% from current prices. The 102 stocks in the QQQ carry 86 buy ratings, 15 hold ratings, and one sell rating.