Apple (NasdaqGS: AAPL) has managed to buck the trend as major sector ETFs have been losing ground in recent sessions. The technology powerhouse was able to break the $600 mark, and make gains while the overall market has suffered in the wake of the disappointing June jobs report.
“The markets start the new week in gloomy spirits as economic growth concerns are clearly back in investors’ minds,” UralSib bank said in a morning note. “The weak U.S. payrolls report on Friday added to already-negative sentiment and ensured that markets ended the week in a risk-off mode.”
PowerShares QQQ NYSEArca: QQQ) lost 0.2% to begin the week, despite the large allocation to Apple. About 19% of holdings are allocated to AAPL, with Microsoft (NasdaqGS: MSFT) and Google (NasdaqGS: GOOG) rounding out the top companies represented. [Chart of the Day: Apple and Tech ETFs]
AAPL reversed course as major sectors, such as materials and financials, plummeted lower, reports Eric Dutram for Nasdaq. The stock climbed $8.01 to $613.89. The technology sector has been hit by the troubles in the Eurozone and the slow growth in emerging economies. However, Apple is said to be the largest contributor to growth in the sector, reports Katie Little for CNBC. [ETF Spotlight: Nasdaq 100]
“Overall in tech, we’re looking for about 3% (growth) as well, but if you remove Apple ,that growth rate drops down to a decline of about 2.5%,” John Butters, senior analyst at FactSet, said in the report.