The Nasdaq-100 was higher in Friday’s shortened trading session but it lagged the broader stock indexes as top component Apple (NasdaqGS: AAPL) lost ground.
Apple is testing its 200-day simple moving average, a level it hasn’t traded below since June. The stock exerts a strong influence on the Nasdaq-100 and the technology exchange traded funds due to Apple’s huge market capitalization.
PowerShares QQQ (NasdaqGM: QQQ) was fractionally positive on Friday while Apple shares were slightly in the red.
In U.S. blue-chip stock indexes, SPDR S&P 500 ETF (NYSEArca: SPY) was up 0.7%. Stocks were on a six-day losing streak heading into Friday. Historically, equities tend to rise on Thanksgiving week.
Tarquin Coe, technical analyst at Investors Intelligence, said the S&P 500 may be heading toward the lower end of the trading range that has developed following the summer sell-off.