A popular Nasdaq exchange traded fund was the worst performer among the major stock index ETFs on Thursday as equities succumbed to a late-day plunge on concerns over how Greece’s debt crisis will be resolved.
PowerShares QQQ (NasdaqGM: QQQ) was down more than 1% heading into the final hour of U.S. trading on Thursday.
Apple (NasdaqGS: AAPL), the biggest component of the Nasdaq-100, dropped more than 2% in the selling. The tech giant’s shares fell below their 200-day moving average for the first time in over two years.
Investors were scrambling for protection in the options markets as iPath Long Enhanced S&P 500 VIX Mid-Term Futures ETN (NYSEArca: VZZ) jumped 20%. [Stocks Take Sharp Turn Lower, VIX ETFs Soar]