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.
Apple shares have been bouncing around their 50-day moving average in recent months.
PowerShares QQQ
Apple
