Benzinga | Mar 22, 2021 04:40PM EDT

The QQQ Rallied Today. Here's Why.

The Invesco QQQ Trust Series 1 (NASDAQ:QQQ) hit an intraday high of $320.74 before ending the day up by 1.88% at $318.61.

Strength for the index was found in several key tech names as yields fell Monday, names who'd otherwise been faltering amid 10-year yields hitting a 14-month high of 1.75% last Friday.

The SPDR S&P 500 ETF Trust (NASDAQ:SPY) closed higher by 0.80% at $392.59. The SPDR Dow Jones Industrial Average ETF Trust (NASDAQ:DIA) also finished the day higher by 0.38% at $327.24.

Here are the day's winners and losers from the QQQ, according to data from Benzinga Pro.

Some of the strongest names for the QQQ today were Tesla Inc (NASDAQ:TSLA), NVIDIA Corporation (NASDAQ:NVDA) and Intel Corporation (NASDAQ:INTC).

Shares of several tech companies at-large traded higher Monday amid a rebound in the sector as Treasury yields fell during Monday's trading session. Tesla shares traded higher after Ark Funds announced a new $3,000 price target on the stock.

There were few laggards today for the QQQ index but among them were Marriott International Inc (NASDAQ:MAR) and Ross Stores, Inc. (NASDAQ:ROST).

Elsewhere On The Street

* Tesla has secured an order for the world's first 8,000-ton casting machine that will be used to produce the Cybertruck. During the conference call for Tesla's fourth-quarter financial results in January, CEO Elon Musk said the electric vehicle maker will be using an 8,000-ton casting press... Read More

* The courtroom drama between Apple Inc (NASDAQ:AAPL) and Epic Games over the latter's "Fortnite" game promises to be a star-studded affair. Top executives from the Cupertino, California-based tech giant and Epic are expected to testify in-person... Read More

* Square Inc (NYSE:SQ) and Twitter Inc (NYSE:TWTR) CEO Jack Dorsey's first-ever tweet, put on auction as a non-fungible token, has garnered a leading bid of $2.5 million at the end of the stipulated deadline... Read More