ProShares UltraPro Short QQQ ETF (NASDAQ:SQQQ) shares are trading lower by 2.64% to $19.56 Thursday. For the unitiated, SQQQ is a popular, 3x-leveraged inverse ETF that tracks the Nasdaq-100.

The ETF is falling 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.

SQQQ is primarily designed for short-term trading and market timing strategies. Some investors may use it as a tool to take advantage of anticipated market downturns or as a tactical way to implement short-term trading strategies based on their outlook for the Nasdaq-100 Index.

According to data from Benzinga Pro, SQQQ has a 52-week high of $69.55 and a 52-week low of $18.73.

Why Nasdaq-100 Inverse ETF SQQQ Is Trading Lower Today