Apple (NasdaqGS: AAPL) shares tumbling more than 20% from the record high and into a bear market has hurt Nasdaq and technology ETFs that have large stakes in the Wall Street darling.
Apple traded as low as $541.19 a share on Thursday, down about 23% from the all-time high of $705.07 reached in September.
The stock is the largest holding in PowerShares QQQ (NasdaqGM: QQQ) at nearly 18% of the Nasdaq-100 fund. QQQ has been trailing the overall market lately with Apple leading the way down.
The tech-heavy ETF is off about 9% since the latest 52-week high in September. Meanwhile, SPDR S&P 500 (NYSEArca: SPY) is down 6% since its September peak.
“Apple shares, battered by a combination of disappointing product launches, management turmoil and competitive concerns, have entered bear market territory,” Eric Savitz at Forbes wrote Wednesday. “Combine that with a stock that had taken off like a rocket – the stock even at this level is up 39% for the year to date – and you have the formula for the big sell-off we’ve seen.”