The $24.4 billion PowerShares QQQ (NasdaqGM: QQQ) could see trading volume spike Tuesday on a special rebalancing of its tracking index and news on top holding Google.
PowerShares QQQ, an exchange traded fund (ETF) that follows the Nasdaq-100 Index, was down fractionally in premarket action Tuesday along with the major U.S. stock indicators.
Nasdaq OMX Group said it plans to rebalance the Nasdaq-100 in a move that will lower Apple’s weighting in the tech-heavy benchmark.
Conversely, top holding Google will see its weighting raised to nearly 6%, according to Nasdaq estimates. Google is being considered for a broad antitrust investigation by the U.S. Federal Trade Commission, Bloomberg reported Tuesday.
Separately, top Google executive Jonathan Rosenberg has resigned, according to reports.
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