A popular exchange traded fund (ETF) tracking the Nasdaq-100 Index was lower Thursday as traders focused on a management shakeup at Cisco (NasdaqGS: CSCO), while Apple (NasdaqGS: AAPL) shares were near a key technical indicator.
Cisco shares rose after the company announced changes to its business structure and operations.
Also, traders continued to watch Apple, which is hovering near its 50-day moving average.
“The stock is stuck in a narrowing trading range defined by its 50day moving average at $344.63 and its calculated resistance at $355,” TradersHuddle.com said in a report Thursday. “Apple continues to consolidate in this range as participants wait for catalysts or for pressure to build as the range narrows in order to manage to break out.”
PowerShares QQQ (NasdaqGM: QQQ) was down 0.2% after weekly jobless claims came in higher than expected Thursday.
PowerShares QQQ
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