Invesco QQQ Trust (ticker: QQQ) — the flagship Nasdaq‑100 ETF — is heading into the weekend parked around $590 after a roller‑coaster week dominated by AI optimism, tech valuation worries, and fast‑shifting expectations for a December Federal Reserve rate cut. [1]
Below is a full rundown of where QQQ stands today (Saturday, November 22, 2025), what moved it this week, and the fresh QQQ‑specific headlines published on November 22 that traders and long‑term investors should know about.
Key Takeaways on QQQ for November 22, 2025
- Last close: QQQ finished Friday, November 21 at $590.07, with a roughly 0.75% gain on the day after reversing intraday weakness. [2]
- Weekly picture: Despite Friday’s bounce, the Nasdaq and tech sector ended the week lower, with the Nasdaq down about 2.7% from last Friday amid ongoing AI‑valuation worries. [3]
- Range & trend: QQQ is trading well above its 12‑month low of about $402 but below its 52‑week high near $637, and currently sits roughly 3% below its 50‑day moving average but about 4% above its 200‑day average — a classic “uptrend under pressure” profile. [4]
- Fresh November 22 headlines: New 13F‑based reports today show big institutional reshuffling in QQQ — JPMorgan boosting its stake, Cozad Asset Management and New World Advisors increasing exposure, while AGP Franklin sharply cuts its position. [5]
- Fund structure news: Invesco is pushing a reclassification and fee cut for QQQ, asking shareholders to approve lowering the expense ratio from 0.20% to 0.18%; the final vote has been postponed to December 4–5, 2025. [6]
- Income angle: QQQ’s most recent quarterly distribution was $0.694 per share, paid on October 31, 2025, up from $0.591 earlier in the year, implying a ~0.5% dividend yield at current prices. [7]
QQQ Stock Price Today: Where the Nasdaq‑100 ETF Stands
As of the latest available data going into Saturday, November 22, QQQ’s official Friday close is:
- Price:$590.07
- Day change (Friday): about +0.75%, up from roughly $585.67 the prior session [8]
- 10‑day performance: QQQ has fallen in 6 of the last 10 sessions, leaving it down about 3.2% over that span despite Friday’s bounce. [9]
Technically, QQQ is sitting:
- In the lower part of a “wide but rising” short‑term trend channel, according to technical research site StockInvest. [10]
- Around $590 support, with nearby resistance zones around $596–$599 and more substantial resistance above $610. [11]
- Roughly 2.8% below its 50‑day moving average (~$607) and 3.8% above its 200‑day moving average (~$569), a combination that often signals a cooling but still‑intact longer‑term uptrend. [12]
From a risk/return standpoint, portfolio analytics site PortfoliosLab estimates QQQ’s Sharpe ratios (risk‑adjusted return) as of November 22 at roughly 0.74 (1‑year), 0.71 (5‑year), and 0.84 (10‑year) — solid figures that reflect strong long‑term compensation for volatility. [13]
What Just Happened: A Wild Week for Tech and QQQ
Thursday’s AI‑Driven Sell‑Off
The trouble really started on Thursday, November 20, when U.S. stocks saw a dramatic intraday reversal:
- The Nasdaq fell about 2.2%, the S&P 500 dropped 1.6%, and the Dow slid 0.8%, erasing big early gains. [14]
- The reversal came right after Nvidia reported blowout AI‑driven earnings and guidance, but the stock still finished the day down more than 3%, as traders worried the AI boom might be over‑discounted in share prices. [15]
- A delayed U.S. jobs report showed strong payroll growth but an unemployment rate rising to 4.4%, muddying the outlook for a December rate cut and feeding volatility. [16]
Because QQQ is packed with mega‑cap AI and chip names like Nvidia, Microsoft, AMD, and Tesla, that kind of macro/AI shock tends to hit it harder than the broad market. The Nasdaq‑100 — the index QQQ tracks — dropped about 2.38% on Thursday, marking a two‑month low. [17]
Friday’s Intraday Pain… and Late‑Day Rebound
On Friday, November 21, intraday data from Quiver Quantitative showed QQQ down around 0.4% at one point, dragged lower by: [18]
- Nvidia (NVDA) down about 2.8%
- Broadcom (AVGO) down 2.8%
- Microsoft (MSFT) down 1.5%
- AMD, Palantir, Tesla, Micron, AppLovin, Amazon, CrowdStrike, and others also firmly in the red
However, the macro backdrop shifted during the U.S. session:
- A Reuters recap notes that Fed official John Williams signaled the central bank could cut rates “in the near term” without jeopardizing its inflation goals, which markets interpreted as a green light for a December rate cut. [19]
- Rate‑cut odds for December jumped to roughly 72%, up from around 39% just a day earlier. [20]
- The Dow gained ~1.1%, the S&P 500 about 1%, and the Nasdaq almost 0.9% on Friday, even though all three still finished down for the week. [21]
By the close, technical firm StockInvest records QQQ up about 0.75% on Friday, finishing at $590.07 after bouncing from an intraday low near $580.74 and touching a high just under $597. [22]
So the story going into today is:
A bruising week for tech and QQQ, with a violent Thursday sell‑off and a tentative “rate‑cut fueled” rebound on Friday that wasn’t strong enough to erase weekly losses.
Fresh QQQ Headlines for November 22, 2025: What Institutions Are Doing
Most of the QQQ‑specific news dated November 22, 2025 centers on institutional ownership shifts based on second‑quarter 13F filings, summarized across several MarketBeat “instant alert” notes: [23]
1. JPMorgan Chase & Co. Increases QQQ Exposure
- JPMorgan Chase & Co. boosted its QQQ stake by about 42.4% in Q2, bringing its holdings to roughly 4.9 million shares.
- That position was valued at around $2.7 billion at the time of filing, giving JPMorgan a significant slice of the ETF. [24]
This kind of scaling up by a global banking giant is often interpreted as a vote of confidence in the Nasdaq‑100 growth story, even if short‑term volatility is elevated.
2. Cozad Asset Management: Adding on Tech Weakness
- Cozad Asset Management Inc. increased its QQQ stake by about 9.3%, up to 14,367 shares worth roughly $7.93 million, also based on Q2 data. [25]
The MarketBeat summary notes that other institutional players — including Banco Santander S.A., GSG Advisors, Amundi, and others — have also bumped up their QQQ exposure over recent quarters, reinforcing the view that professional money still sees pullbacks in QQQ as opportunities, not exits. [26]
3. New World Advisors LLC: New Position in QQQ
- New World Advisors LLC disclosed a new Q2 position in QQQ, buying 508 shares, valued at around $280,000.
- The same note again emphasizes how multiple advisory firms and hedge funds have been building QQQ positions in 2025. [27]
For a smaller advisor, a QQQ position is often used as a “one‑ticket” way to get broad large‑cap tech exposure without stock‑picking.
4. AGP Franklin LLC: Taking Profits
Not all the institutional news is one‑way buying:
- AGP Franklin LLC cut its QQQ holdings by 48.8%, selling 1,641 shares and ending Q2 with 1,725 shares worth roughly $951,000. [28]
Taken together, today’s filings paint a fairly nuanced picture:
- Some managers (like JPMorgan and Cozad) are adding or initiating positions.
- Others (like AGP Franklin) are trimming aggressively, potentially locking in gains after QQQ’s long run.
Across these reports, MarketBeat repeatedly notes that roughly 44–45% of QQQ’s units are held by institutional investors and hedge funds, underscoring just how institutionally driven this ETF has become. [29]
Dividend and Fee News: QQQ’s Income & Reclassification Story
A Quietly Rising Dividend
Recent distributions show a slow but steady uptick:
- June 2025 payout: about $0.591 per share
- September 2025 ex‑date, paid October 31, 2025:$0.694 per share [30]
At a price around $590, that translates to an annualized yield near 0.5% — modest, but notable given QQQ’s role as a growth‑centric, tech‑heavy ETF.
Big Structural News: Proposed Reclassification & Lower Fees
On its official QQQ site, Invesco is actively campaigning for shareholders to support a reclassification of Invesco QQQ ETF, primarily to: [31]
- Cut the expense ratio from 0.20% to 0.18% (a 10% fee reduction), which Invesco estimates would save shareholders about $70 million annually at current asset levels.
- Provide enhanced reporting and oversight, including semi‑annual reports and increased board oversight.
- Make these changes without any tax consequences for shareholders.
What won’t change:
- QQQ’s investment objective — it will continue to track the Nasdaq‑100 Index.
- The management team and day‑to‑day strategy. [32]
Invesco says support so far has been strong, but not yet sufficient for final approval, so:
- The proxy voting deadline has been extended to December 4, 2025,
- And the shareholder meeting has been postponed to December 5, 2025 to get more votes in. [33]
For current or prospective investors, this is an important medium‑term story: a lower ongoing fee makes QQQ slightly more competitive versus rivals like S&P 500 ETFs and other Nasdaq‑100 funds, without altering its core profile.
Performance Context: From Long‑Term Outperformance to Short‑Term Chop
Long‑Term Outperformance vs. the S&P 500
Invesco’s own data shows that QQQ has dramatically outperformed the S&P 500 since its inception in 1999, with cumulative outperformance of about 545.6% as of September 30, 2025 — all with a 0.20% expense ratio (likely to drop to 0.18% if shareholders approve the reclassification). [34]
Q3 2025 fund materials highlight that: [35]
- QQQ once again outpaced the S&P 500 in the third quarter.
- Performance was driven by mega‑cap tech and communication names, many of them core “AI winners.”
- The fund remains overweight technology and communication services and has no financials, which amplifies both upside in tech bull markets and downside during growth sell‑offs.
The Mag 7 Engine Behind QQQ
A recent Nasdaq/Zacks analysis of the “Mag 7” mega‑caps — Apple, Microsoft, Alphabet, Amazon, Meta, Nvidia and Tesla — offers crucial context for QQQ, which carries heavy weight in these names: [36]
- The Mag 7’s Q3 2025 earnings are up about 28.3% year‑over‑year on 18.1% revenue growth.
- Q4 2025 earnings for the group are now expected to grow ~15.4%, up from 14.3% just a week earlier as estimates drift higher.
- Looking ahead, Mag 7 earnings are forecast to rise ~14.6% in 2026 and ~16.8% in 2027.
- By 2026, the group is projected to deliver about 26% of all S&P 500 earnings, while already representing roughly 34.7% of the index’s market cap.
Given QQQ’s concentrated exposure to these names, its long‑term fate is tightly bound to whether the AI and big‑tech earnings narrative continues to hold up.
Short‑Term Technicals and Next Week’s QQQ Watchlist
Technical research from StockInvest, updated after Friday’s close, labels QQQ as a “hold/accumulate” candidate rather than an outright buy or sell: [37]
- QQQ is in a weak but rising trend and has recently bounced from a pivot bottom identified on November 20.
- The ETF still carries sell signals on both short‑ and long‑term moving averages, suggesting caution until it can reclaim resistance around $599–$611.
- Average daily volatility over the last week is about 2.7%, which is high but not extreme by tech‑ETF standards.
For Monday, November 24, 2025, their models expect: [38]
- A fair opening price near $589.26,
- An intraday trading interval roughly between $584 and $596 (± about 2.1%),
- Support just under the current price near $590, with first key resistance still in the mid‑$590s to high‑$590s.
From a macro perspective, the big near‑term catalysts for QQQ include:
- Federal Reserve communication in the run‑up to the December meeting, where odds of a rate cut currently hover around 70%+. [39]
- Any shift in sentiment around AI infrastructure spending, especially at Nvidia and other large chip names. [40]
- Additional economic data (jobs, inflation, housing) that could reinforce or undermine the case for near‑term cuts.
QQQ Today: Buy, Hold, or Wait?
Nothing in today’s news screams “dramatic thesis change” for QQQ — instead, it reinforces existing themes:
Bullish points:
- Long‑term track record: Decades of outperformance versus the S&P 500 and strong risk‑adjusted returns. [41]
- Earnings momentum: The Mag 7 — core to QQQ — is still delivering robust earnings and revenue growth, with estimates moving up, not down. [42]
- Fee tailwind: A likely expense ratio cut to 0.18% would quietly boost net returns over time. [43]
- Institutional interest: Large players like JPMorgan and Cozad Asset Management are increasing their stakes into weakness. [44]
Caution flags:
- Valuations: Some analysts argue that QQQ trades at very rich multiples, with one recent deep‑dive estimating cash‑flow multiples near 59x, and raising the risk of an extended “air pocket” if AI enthusiasm cools. [45]
- Concentration risk: With so much of QQQ tied to a handful of mega‑caps and AI leaders, idiosyncratic shocks to just one or two names (e.g., Nvidia or Apple) can disproportionately move the whole ETF. [46]
- Macro uncertainty: The market’s newfound conviction about a December rate cut could unwind quickly if incoming data or Fed messaging shifts. [47]
Independent technical research currently suggests “hold or accumulate” rather than chase the rally or panic‑sell — essentially a wait‑for‑clarity call while QQQ trades near the lower end of its recent range but still in a longer‑term uptrend. [48]
Final Thoughts (and a Quick Disclaimer)
For today, November 22, 2025, QQQ looks like:
- A still‑dominant vehicle for AI and big‑tech exposure,
- Temporarily knocked back by valuation and rate jitters,
- But supported by solid earnings trends, ongoing institutional demand, and a potential fee cut that should marginally improve its long‑run math.
If you already own QQQ, today’s news flow largely supports staying informed rather than making knee‑jerk moves. If you’re on the sidelines, it may come down to your comfort level with tech concentration and volatility versus your desire to own the Nasdaq‑100 growth story.
Important: This article is for information and news purposes only and is not financial advice. Always consider your own risk tolerance and speak with a qualified financial professional before making investment decisions.
References
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