An appearance by Apple (NasdaqGS: AAPL) CEO Steve Jobs at the company’s annual worldwide developers conference failed to boost a Nasdaq exchange traded fund on Monday as the stock fell below its 50-day moving average.
PowerShares QQQ (NasdaqGM: QQQ) dropped nearly 1% on Monday but fell less than the S&P 500. Apple shares skidded almost 2% as Jobs spoke about the company’s new products, including the hyped iCloud service.
“Most interest will likely be around iCloud and we believe rightfully so as iCloud could be a very big deal, making iTunes even more powerful and useful by allowing access to content from any device, anywhere,” Sterne Agee analysts said in a note.
Apple is the largest holding in the Nasdaq ETF at more than 10% of the fund. [Nasdaq-100 ETF Moves on Apple, Jobs]
Apple shares often get a lift when Jobs talks about the company’s direction and products. The CEO has faced questions about his health and is on medical leave.