Sell-off in tech stocks pushed Cathie Wood’s ARK Innovation fund losing it’s value 48% Thursday from its all time high. This is a drop worse than the one in March of 2020 during the low of the pandemic market drop.vARK Innovation closed down 0.6% at $85.58 per share on Thursday.
The tech-savvy stock selling this week pushed Nasdaq down 3%, and 9% drop in the Cathie Wood’s ETF, is largely due to a spike in interest rates. Higher rates typically punishes growth pockets of the market that rely on low rates to borrow for investing in innovation.
Wood is continuing the WSB trend of buy the dip in her favorite stocks this week.