41 days ago • Posted by Jasper Lawler
9 out 10 stocks in Cathie Wood's ARKK ETF drop in tech rout #diversification
Cathie Wood’s Ark Innovation ETF plunged to a six-month low, with all but five of its 58 holdings retreating in a broad tech selloff.
The ARKK exchange-traded fund that makes concentrated bets on tech companies aiming to disrupt industries fell 5.2% Monday, double the loss in the Nasdaq 100 Index. It’s now down more than 30% from its February peak.
Hardest hit in the portfolio listed in the fund’s May 7 holdings disclosure were two biotech stocks. Twist Bioscience Corp. was the fund’s biggest laggard, plunging more than 17% on Monday, its worst one-day performance since Feb. 5. NanoString Technologies Inc. sank 12%. Tesla Inc., ARKK’s biggest holding, dropped 6.4%.