Apple Drags Down Tech ETF (XLK)

April 30, 2012 2:55 PM EDT
The Technology Sector SDR ETF (NYSE: XLK) was down slightly today, primary do to a pullback in shares of Apple (NASDAQ: AAPL), which make up close to 19 percent of the holdings. Shares of Apple were down close to 3 percent on profit taking following a big move last week that was fueled by a better than expected earnings report. In addition, a hit-piece in the NYT highlighted how the iPhone maker is dodging taxes is also contributing to the pullback in the shares.

Other top holding in XLK are IBM (NYSE: IBM) with 8 percent and Microsoft (NASDAQ: MSFT) with 8 percent. Both of these companies are flat on the day.

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