Nasdaq 100 Index Slips: QQQ Pulls Back from All-Time High as Trump’s Remarks and EU Tariff Jitters Spook Markets

Tech bulls hit pause as the Nasdaq 100 takes a breather—political noise and trade tensions just won’t quit.

Trump’s latest comments and looming EU tariffs send traders scrambling for cover. So much for ‘priced in.’

QQQ’s retreat proves even ATHs aren’t immune to headline risk. Wall Street’s algo-driven panic? Another day, another overreaction.

Bonus jab: Another ‘black swan’ event? Or just hedge funds justifying their fees?

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First, President TRUMP said that the Israel-Iran war “could maybe start soon,” although he reiterated his claim that Iran’s nuclear capabilities were completely destroyed by U.S. strikes and that both sides were exhausted from fighting. Trump added that the U.S. will meet with Iran next week to potentially sign an agreement. “I don’t care if I have an agreement or not,” he said.

In trade news, the U.S. and the European Union are still working on a deal ahead of the July 9 deadline where EU imports to the U.S. will be taxed at 50%. However, the bloc is now preparing a series of tariff threats in order to secure a fair deal that includes tariffs on Boeing (BA) aircraft and $110 billion of U.S. goods.

“We will need to retaliate and rebalance in some key sectors if the US insists on an asymmetrical deal,” said EU industry chief Stephane Sejourne in an interview with Bloomberg News.

The Nasdaq 100 is up by 0.09% at the time of writing.

Which Stocks are Moving the Nasdaq 100?

Let’s pivot to TipRanks’ Nasdaq 100 Heatmap, which illustrates the stocks that have contributed to the index’s price action.

Semiconductor stocks Nvidia (NVDA) and Advanced Micro Devices (AMD) are helping the technology index remain in green territory. Alongside NDX, NVDA stock also secured a new intraday record-high of $153.13.

On the other hand, Tesla (TSLA) is contributing to the downside, as its European electric vehicle registrations fell by 27.9% year-over-year to 13,863 in May. That marks the fifth straight month of declining registrations as Europeans side with other vehicle brands.

Elsewhere, the industrials, consumer defensive, and utilities sectors are all falling lower.

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 believes that QQQ stock should be priced higher. During the past three months, analysts have issued an average QQQ price target of $576.63 for the stocks within the index, implying upside of 6.68% from current prices. The 102 stocks in QQQ carry 89 buy ratings, 12 hold ratings, and one sell rating.