ProShares UltraPro QQQ (NASDAQ:TQQQ) shares are trading higher by 2.26% to $39.73 going into the close of Thursday's session. For the unitiated, per ProShares, TQQQ seeks daily investment results, before fees and expenses, that correspond to three times (3x) the daily performance of the Nasdaq-100 (NASDAQ:QQQ) ETF.

The ETF is rising Thursday after new U.S. job market data is showing early signs of cooling, with three consecutive weeks of higher-than-expected unemployment claims.

This aligns with the Federal Reserve's remarks on the necessity of softer labor market conditions to achieve the 2% inflation target.

Stocks across sectors have also been volatile this week following broader strength in 2023 following rate hike comments from Fed Chair Powell.

The Nasdaq-100 Index includes 100 of the largest non-financial companies listed on the Nasdaq Stock Market. Many of these companies are well-known technology companies, which have exhibited strong growth in recent years.

If an investor believes in the long-term growth potential of the technology sector, they may see TQQQ as a way to participate in that growth.

According to data from Benzinga Pro, TQQQ has a 52-week high of $42.44 and a 52-week low of $16.10.

Why Nasdaq-100 Leveraged ETF TQQQ Is Rising