Invesco QQQ Trust drops 2.3% as tech selloff deepens on rate hike fears

Invesco QQQ Trust fell 2.3% to $710.93 in afternoon trading, extending a losing streak to eight sessions, driven by tech and AI-related selloffs. The decline stems from renewed monetary tightening expectations after September CPI rose 3.7% year-over-year, above forecasts, and growing doubts about AI infrastructure returns. Market-implied odds of a Fed rate hike at the October 27-28 meeting jumped, raising discount rates on growth stocks. Nasdaq fell 2.2%, S&P 500 dropped 1.2%, and Dow slipped 0.5%. AI hardware and semiconductor stocks led losses amid analyst downgrades. QQQ remains well below its 52-week high of $762.86, approaching key short-term support.