A Nasdaq-100 exchange traded fund declined Thursday along with top holding Apple (NasdaqGS: AAPL) after the tech darling said Steve Jobs is stepping down as chief executive.

PowerShares QQQ (NasdaqGM: QQQ) and Apple shares were off more than 1%. Apple represents nearly 15% of the portfolio, which is comprised of the 100 largest nonfinancial stocks listed on the Nasdaq.

Jobs, one of the most admired CEOs in American business history who has been battling health issues, will stay on as chairman. Tim Cook, chief operating officer, takes over as Apple CEO.

Although the move raises questions about the company, some analysts said the bullish thesis on Apple remains intact.

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