Invesco QQQ Trust drops 2.3% as tech stocks slide for eighth day

The Invesco QQQ Trust fell 2.3% to $710.93 in afternoon trading, driven by a broad decline in technology and AI stocks that has now lasted eight consecutive sessions. The drop follows September CPI data showing 3.7% annual inflation, above the 3.6% consensus, which raised expectations for a Federal Reserve rate hike at its October 27-28 meeting and made high-valuation growth stocks less attractive. The Nasdaq fell 2.2%, the S&P 500 dropped 1.2%, and the Dow slipped 0.5%, with AI hardware and semiconductor stocks hit hardest by analyst downgrades. The fund now trades well below its 52-week high of $762.86.