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.
Amid reports that a smaller version of its iPad could be released later this year, shares of Apple rose and passed through the $600 level last week for the first time since April.
Surprisingly though, Apple’s 3.7 percent gain last week did not translate to gains for the Nasdaq 100, which actually fell 0.1 percent on the week. That doesn’t happen often – in fact, it’s just the second time this year that the Nasdaq 100 fell in a week that Apple rose.
The last time the Nasdaq 100 fell during a week that Apple rose more than 3 percent was back during the week ended January 23, 2009. That week, Apple rose over 7 percent and the Nasdaq 100 fell 1.9 percent.
It was so long ago that back then, Apple was just an $88 stock. At that price 3.5 years ago, it had a far smaller impact on the Nasdaq 100 than it has today.