After the horrible 2021, Cathie Wood’s ARK Invest ETFs, including the flagship Ark Innovation Fund (ARKK) and ARK Genomic Revolution ETF (ARKG), have lost significantly this year amid the intense market out. The Federal Reserve’s persistent hawkish stance to tame the multi-decade high inflation and growing recession odds have fostered massive tech sell-off.
Moreover, a hot September employment report should keep the Fed on track to approve another outsized interest-rate hike in its November meeting. The tech-heavy Nasdaq composite recently hit its lowest close since July 2020. So, the trouble for Wood’s concentrated portfolio of tech stocks is expected to compound.
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