ETF Trends
ETF Trends

Technology stocks soared Wednesday following upbeat earnings from Intel (NasdaqGS: INTC) while investors also positioned for quarterly results from Apple (NasdaqGS: AAPL) after the bell.

PowerShares QQQ (NasdaqGM: QQQ), an exchange traded fund (ETF) following the Nasdaq-100 Index, rallied more than 2% in afternoon trading as traders anxiously awaited results from iPhone maker Apple.

The Nasdaq Composite Index on Wednesday saw its largest one-day rise in six months.

Intel “knocked the cover off the ball” with first-quarter earnings and outlined second-quarter guidance that easily exceeded Wall Street’s target, said Joel Achramowicz, tech analyst at Blaylock Robert Van LLC.

The rally in Intel shares lifted tech-heavy ETFs such as PowerShares QQQ, which has nearly 2% in the stock.

However, Apple earnings could have a much bigger influence on the ETF because the stock accounts for over 20% of assets. Yet Apple will soon see its weighting in the Nasdaq-100 fall dramatically due to a special index rebalance.

PowerShares QQQ

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.