Cathie Wood’s ARK ETFs Are in a Deep Hole—Already

The new year didn’t bring a fresh start for Cathie Wood’s ARK Invest, a fund company known for its focus on innovation stocks and high price targets.

The firm’s flagship ARK Innovation exchange-traded fund (ticker: ARKK) plunged 7.1% in Wednesday trading, marking its worst day since Sept 3, 2020. All of ARK’s other ETFs, including the latest, ARK Transparency (CTRU)—launched in December—are also deep in negative territory.

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Growth stocks fell on Wednesday after the latest minutes from the Federal Reserve’s December policy meeting were released, suggesting that the central bank’s rate increases might be earlier and faster than market has expected.

Investors were spooked as Fed Chairman Jerome Powell shifted his tone to emphasize the risks of inflation—after months of describing rising prices as “transitory”—as a new Covid-19 variant is rampaging across the country and causing supply-chain disruptions.


h/t _hiddenscout


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