In a stunning market turnaround, the ProShares UltraPro QQQ ( TQQQ ) soared over 35% on Wednesday afternoon, riding the coattails of a broad tech-driven rally sparked by President Donald Trump's 90-day tariff pause for non-retaliating nations.

What To Know: TQQQ, which offers triple-leveraged exposure to the Nasdaq-100 Index, benefits disproportionately from sharp moves in large-cap technology stocks.

The ETF's top holdings mirror those of the Invesco QQQ Trust and include mega caps like Apple, Microsoft, Nvidia, Amazon and Meta Platforms—all of which posted double-digit gains Wednesday afternoon.

Investors interpreted the tariff reprieve as a de-escalation of global trade tensions — particularly with key U.S. allies — while simultaneously deepening pressure on China.

Treasury Secretary Scott Bessent's comments provided a policy framework investors embraced: certainty in reciprocal tariffs, punitive measures for China and potential for future negotiations.

The Nasdaq-100 meanwhile surged 10%, fueling a risk-on rotation into high-beta names, especially in the technology and consumer discretionary sectors.

The triple-levered ProShares UltraPro QQQ ( TQQQ ) closed Wednesday up 35.2% at $52.61, according to data from Benzinga Pro.

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