QQQ is trading 1.5% down today, tracking a 1.1% decline in the broader Nasdaq-100 index as investors react to a softer manufacturing PMI and cautious sentiment ahead of the July Fed meeting.
- Tech and growth stocks are facing pressure from incremental regulatory risks in the UK targeting major platform companies like Apple and Google.
- The move follows a strong late-June rebound, suggesting profit-taking in AI and mega-cap sectors following BIS warnings regarding systemic risks from heavy AI infrastructure spending.