A Nasdaq-100 exchange traded fund reversed its recent string of losses Tuesday but weakness in shares of Cisco (NasdaqGS: CSCO) and Apple (NasdaqGS: AAPL) kept a lid on the ETF’s advance.
PowerShares QQQ (NasdaqGM: QQQ) rose fractionally Tuesday although Cisco slipped about 3% and Apple was down roughly 1%. Apple is the ETF’s top holding at 12.4% of the allocation while Cisco accounts for 3.5%.
The ETF is trading around its 150-day moving average and its 2007 high. [ETFs Try to Repair Technical Damage]
Apple shares were down for the second straight day amid the tech giant’s annual developers conference. [Apple Fails to Lift Nasdaq ETF]
Cisco shares, meanwhile, have traded lower in the wake of the company’s recent reorganization. Jefferies analysts last week initiated coverage of Cisco with a hold rating.