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QQQM · Analysis updated Nov 5, 2026, 4:45 PM ET
Why is Invesco NASDAQ 100 ETF (QQQM) stock moving?
QQQM tracks the Nasdaq 100, which is in a tech-led correction. The fund's last close in the data, Nov 4, was $284.92. That was about 4.6% below its Oct 28 close of $298.71 and only slightly above the Nov 2 low of $280.49. Volume spiked on Oct 30, when the fund fell about 3.5% on 8.5M shares, well above the roughly 2.5M typical earlier in October. Volume stayed elevated afterwards. Reports show Thursday's selloff was far worse. The Nasdaq Composite fell about 5.5%, the Philadelphia Semiconductor Index fell about 10%, and Nasdaq 100 stocks lost roughly $1.8T. The drivers are AI-spending and data-center slowdown fears, weak guidance and earnings from Alphabet, Intel and Qualcomm, and a rotation out of tech after the midterms. Mega-cap valuations and AI-capex concerns add to the pressure. Against that, the index was still up about 11% for 2026 as of Nov 2, and AWS grew 40%. Corrections of this size can bring sharp rebounds, but momentum and breadth are currently negative.
News behind the analysis
- Dow drops 1,800 points; Nasdaq tumbles into correction territory on AI tech wreckThe Nasdaq Composite fell 5.52% to 24,315 and is more than 10% below last month's record. Investors are worried about a slowdown in the data-center buildout.
- US tech selloff erases post-midterm gainsNasdaq 100 stocks lost roughly $1.8 trillion. Investors fear Democratic midterm gains could slow the AI buildout.
- The best post-midterm rally in 44 years lasted one day as $3 trillion vanished on AI fearsThe Philadelphia Semiconductor Index fell about 9.75% intraday. AMD and Micron each lost roughly 15%, and Nvidia fell almost 9%.
- Stocks Tank Amid Tech Sell-Off, Reversing Post-Election RallyThe Dow fell about 1,800 points, the S&P 500 about 4% and the Nasdaq about 5.2%. Nvidia, Micron and other big tech names fell sharply.
- The Stock Market Today Live, November 5, 2026, Closes Sharply Lower on the AI Chip SelloffThe AI chip selloff spread to the wider market, and the Dow gave back its election gain. Truist's Keith Lerner said the tech selloff is now feeding into the broader market.
- Big Tech Selloff Pushes Nasdaq 100 Into Correction on AI Spending WorriesThe Nasdaq 100 fell 1.4% to 27,989.82, more than 10% below its Oct. 6 peak. It was still up 11% for 2026 and in its third correction of the year.
- Nasdaq starts November with 1% loss as tech melts down againThe Nasdaq fell 1.07% as investors rotated out of tech. Marvell dropped almost 13% and Lumentum 18% on a $115B acquisition deal. Last month was the Nasdaq's worst since March 2025.
- A big sell-off collides with more Big Tech earnings and a midterm election: What to watch this weekWeak results from Alphabet, Amazon and Intel hit tech. Alphabet fell 13% on a revenue and profit miss, while AWS revenue grew 40% to $45.9B.
- Nasdaq 100 Companies by WeightA heatmap of index components showed broad declines. Chip, AI and software names fell about 4% to 9%, and Nvidia and Broadcom lost over 4%.