Nasdaq and tech exchange traded funds dropped Thursday as weakness in Apple (NasdaqGS: AAPL) and Cisco (NasdaqGS: CSCO), which was out with a disappointing outlook, weighed on the sector ETFs.
Apple shares were down more than 1%. The stock is the largest holding in PowerShares QQQ (NasdaqGM: QQQ) at about 12% of assets. The Nasdaq-100 ETF was down 0.8% in early trading.
Technically, traders are watching Apple shares at their 50-day moving average.
Cisco shares fell more than 5% at last check. Cisco after Wednesday’s closing bell reported quarterly results and said it expects its current quarter will continue to show weakness. The stock has a roughly 4% weighting in PowerShares QQQ. [Nasdaq Weak on Cisco Outlook]
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