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.

“We point out that Steve Jobs is leaving the CEO role with Apple producing record revenue and profits, and capturing the #1 position as the world’s largest smart phone maker this summer,” BGC Partners analysts said in a note Thursday.

“He is also stepping down at a point that allows Tim Cook to enjoy the success of the pending product refreshes including a new iPhone, the potential for a lower cost model of an iPhone, and the potential for expansion to new major carriers in countries such as China,” they wrote.

PowerShares QQQ

The opinions and forecasts expressed herein are solely those of John Spence, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.