ProShares UltraPro QQQ (TQQQ), the triple-leveraged ETF tracking the NASDAQ-100 index, plummeted 5.02% during intraday trading on Friday.

The sharp decline followed the release of a stronger-than-expected U.S. employment report for May. Nonfarm payrolls increased by 172,000 jobs, significantly surpassing economist forecasts of 85,000, indicating continued labor market strength. This robust data reinforces the view that the Federal Reserve may have less urgency to cut interest rates, as it monitors inflation pressures stemming from geopolitical tensions.

Higher-for-longer interest rate expectations typically weigh on growth-oriented technology stocks, which form the core of the NASDAQ-100 index. As a leveraged product, TQQQ amplifies the daily moves of this underlying index, leading to the pronounced intraday drop.