PowerShares QQQ (NasdaqGM: QQQ) rose 0.6% in Tuesday’s preopen as stock exchange traded funds were poised to climb after closing flat the previous session. In the technology sector, Apple (NasdaqGS: AAPL) and Nokia (NYSE: NOK) settled a patent suit.
The ETF, which follows the Nasdaq-100, has fallen sharply in June and is close to its 200-day moving average, as well as the March low.
In Tuesday’s headlines, Apple and Nokia have settled their lawsuit involving patents on cell phone technology. Apple will pay Nokia an undisclosed amount and will also pay Nokia ongoing royalties to settle the suit, AllThingsD.com reported.
Separately, Apple will begin selling its latest MacBook Air in late June, Reuters reported.
Apple is the top holding in PowerShares QQQ at 12.3% of assets.
The recent sell-off has shaved the tech-heavy ETF’s year-to-date gain down to 0.5%, according to Morningstar.
The MacBook Air refresh could ramp units to as high as roughly 1.5 million per quarter, or about 50% of the MacBook business, Deutsche Bank analysts estimated in a recent note. They forecast the MacBook Air update could add another 10 cents a share to Apple earnings.
Apple shares were up nearly 1% in premarket action Tuesday.
PowerShares QQQ
