SQQQ is trading at $38.46 (+5.43%) as weakness in Nasdaq futures aligns with its inverse exposure. - SQQQ seeks -3x the Nasdaq-100’s daily performance. - Overnight, mixed Tesla and Meta results prompted questions about returns on heavy AI spending; escalating Middle East tensions and rising oil also weighed on risk sentiment. - No SQQQ-specific catalyst was identified; available evidence points to broad market and technology-related pressure.