Shares of ProShares UltraPro QQQ ( TQQQ ) surged 3.24% to $74.48 Friday afternoon as investors cheered stronger-than-expected U.S. labor data and a broad rally in tech stocks.

What To Know: TQQQ is a leveraged ETF designed to deliver three times the daily performance of the Nasdaq-100 Index, making it especially sensitive to movements in high-growth tech names.

May’s nonfarm payrolls increased by 139,000, topping economist forecasts of 130,000, while average hourly earnings rose 0.4%, the fastest monthly gain since January. The unemployment rate held steady at 4.2%. The robust data eased concerns about an economic slowdown and boosted confidence in consumer spending.

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The Nasdaq-100 jumped 1% on the session, lifting TQQQ alongside it. Tech stocks led gains, with Tesla rebounding more than 5% following Thursday's steep drop. Market sentiment also improved after the White House downplayed tensions between Elon Musk and President Donald Trump.

Rising Treasury yields and a stronger dollar reflected expectations for continued economic strength, but it was the renewed momentum in large-cap tech that drove TQQQ's sharp advance. With the Nasdaq-100 nearing record highs, leveraged ETFs like TQQQ are benefiting from bullish bets on tech outperformance.

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According to data from Benzinga Pro, TQQQ has a 52-week high of $93.78 and a 52-week low of $35.00.