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Shares of the Invesco QQQ Trust, an exchange-traded fund that tracks the Nasdaq-100 index, were up sharply Wednesday afternoon as technology stocks jumped following Federal Reserve Chair Jerome Powell's press conference. The Invesco QQQ Trust QQQ, +2.10% was up 2.3%, bringing its gains so far this year to more than 13%, according to FactSet data, at last check.
The tech-heavy Nasdaq Composite Index has gained 10.7% last month, marking its best January performance since 2001. The astounding performance was driven by easing inflation and hopes of the Fed's slower rate hike path.
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Shifts pertaining to the Global Industry Classification Standard (GICS®) system will be implemented on March 17, and for those out there that aren't yet indexing nerds, those changes mean a slew of companies will see their industry and sector classifications altered.
As big-tech layoffs pile up, betting against the sector is becoming more popular, as evidenced by flows of $913.74 million into the ProShares UltraPro Short QQQ (NASDAQ: SQQ) so far this month.