Naasdaq OMX Group (NasdaqGS: NDAQ) shares slipped 3.4% Thursday.
QQQ, the Nasdaq-100 ETF, rose late Thursday after flat-lining for three hours, as the chart below shows.
The Nasdaq halt of individual stocks did seem affect ETFs with primary listings at other exchanges such as NYSE Arca.
For example, some tech ETFs such as Technology Select Sector SPDR (NYSEArca: XLK) have large weightings in Apple, which is listed on the Nasdaq, notes Chris Hempstead, director of ETF execution services at WallachBeth Capital.
“With AAPL as a heavy weight, market makers were less willing to make tight markets. This was the only kind of dislocation we observed,” he said in a note after Thursday’s closing bell. “We did not see volume extremes and we did not see price dislocation. This was a classic ‘watch, breathe, wait some more and re enter the markets when they normalize’ event. There is no need to trade on wide and ununcertain markets unless you have to.”
QQQ chart source: Yahoo Finance.
For more information on the Nasdaq, visit our Nasdaq category.
Max Chen contributed to this article.
Full disclosure: Tom Lydon’s clients own QQQ, AAPL, GOOG and MSFT.