The Role of Social Media Signals in QQQ Investing Before and During CES

Yun Zhou () and Xihan Xiao ()
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Yun Zhou: City University of Macau, Department of Finance
Xihan Xiao: University of California, Berkeley, College of Computing, Data Science, and Society City

A chapter in Proceedings of the 2026 11th International Conference on Financial Innovation and Economic Development (ICFIED 2026), 2026, pp 298-306 from Springer

Abstract: Abstract In this study, the impact of social media signals on investor sentiment and investment behavior in the Invesco QQQ Trust (QQQ) prior to and during the Consumer Electronics Show (CES) is examined. Utilizing a mixed-method approach, we combine a survey-based experiment with extensive sentiment analysis of Reddit posts. The survey evaluates how risk signals are interpreted at the individual level and how that affects investment choices, while automated sentiment scoring using large language model (LLM) APIs records investor sentiment related to CES in real time. According to regression analysis, QQQ investment amounts in low-, medium-, and high-risk scenarios are significantly impacted by social media risk signals. More specifically, lower investment is always the result of higher perceived risk. The results show how social media-amplified event-driven sentiment affects investor behavior and ETF market dynamics. Giving investors and policymakers insights into market informational efficiency during significant technology events, this study adds to the body of knowledge on behavioral finance, event studies, and social media-driven financial decision-making.

Keywords: investment; sentiment analysis; QQQ; social media (search for similar items in EconPapers)
Date: 2026
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DOI: 10.2991/978-94-6239-642-5_31

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