QQQ is trading 1.66% down today as escalating Middle East tensions and a surge in oil prices weigh on the broader market.
- President Trump's 8:00 p.m. ET deadline for Iran to reopen the Strait of Hormuz has pushed Brent crude above $113/barrel, fueling fears of U.S. strikes and inflation-driven Fed rate hikes.
- The tech-heavy index is facing additional pressure from 43,000 job cuts across the sector over the past year, with the Nasdaq Composite mirroring the decline despite a lack of major earnings reports today.