IonQ Inc. (NYSE:IONQ) stock climbed nearly 3% in Tuesday’s premarket session as investors returned to higher-growth technology stocks following a sharp sell-off. Nasdaq futures rose 0.52%, while S&P 500 futures slipped 0.02%.

The rebound follows Monday’s 9.29% decline, when IonQ and other quantum computing stocks came under pressure amid a broader risk-off market.

Rising geopolitical tensions around the Strait of Hormuz and higher oil prices prompted investors to reduce exposure to speculative, high-valuation technology names.

Tuesday’s gains appeared to reflect bargain hunting after the recent pullback. A modest improvement in risk appetite was enough to lift beaten-down growth stocks, including quantum computing companies.

Technical Picture Remains Weak

Despite Tuesday’s rebound, IonQ’s broader technical setup remains bearish.

The stock was trading at $39.84, or 22.2% below its 20-day simple moving average of $51.47. It also remained 27.2% below its 50-day SMA of $55.02. IonQ traded 11.2% below its 100-day SMA of $45.10 and 18% below its 200-day SMA of $48.86.

Momentum indicators also remain soft. The MACD is below its signal line, while the histogram remains negative, suggesting buying momentum has yet to recover.

The moving averages present a mixed picture. The 20-day SMA remains below the 50-day SMA, a bearish signal. However, the 50-day SMA is still above the 200-day SMA following a golden cross formed in June, leaving room for countertrend rallies if buying strengthens.

Immediate resistance sits near $42, while the $40 level remains key support.

Earnings And Analyst Outlook

IonQ provides quantum computing access through cloud platforms and its own cloud service. The company generates revenue from quantum computing-as-a-service offerings, consulting engagements and contracts to build specialized quantum computing systems.

The next major catalyst is its estimated Aug. 5 earnings report. Analysts expect a loss of 60 cents per share, compared with a loss of 70 cents a year earlier. Revenue is projected to rise to $66.49 million from $20.69 million.

Wall Street maintains a consensus Buy rating on the stock with an average price forecast of $61.88. Recent analyst actions include Northland Capital Markets raising its price forecast to $70, Rosenblatt maintaining a $100 price forecast and JPMorgan raising its price forecast to $50 while keeping a Neutral rating.

ETF Exposure

IonQ is also a component of several small-cap growth exchange-traded funds, including the Vanguard Russell 2000 ETF (NASDAQ:VTWO), iShares Russell 2000 Growth ETF (NYSE:IWO) and Vanguard Russell 2000 Growth ETF (NASDAQ:VTWG). As a result, fund inflows and outflows can influence demand for the stock.

IONQ Stock Price Activity: IonQ shares were up 2.47% at $39.84 during premarket trading on Tuesday, according to Benzinga Pro data.

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