Weakness in Apple shares contributed to a down day for PowerShares QQQ (NasdaqGM: QQQ) on Monday. The tech-heavy exchange traded fund (ETF) counts Apple as its top holding at over 20%, but the stock’s weighting in the Nasdaq-100 Index is set to decline.
Apple shares were down more than 1% in afternoon dealings Monday.
Nasdaq OMX Group said last week it planned to cut Apple’s weighting in the benchmark to an estimated 12.3%.
PowerShares QQQ is trailing the S&P 500 Index slightly year to date.
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