Something unusual happened last week. Apple rose nearly 4 percent on the week, yet the Nasdaq 100 ended the week in the red.
Much has been made about how big of an influence Apple has on the Nasdaq 100 due to its huge, disproportionate 18 percent weighting in the index. Usually when Apple is up, the Nasdaq 100 follows suit and rises too. Likewise, when Apple falls, it typically brings down the Nasdaq 100 with it as well.
But that typically strong correlation didn’t hold last week.