{"id":113729,"date":"2021-05-06T19:05:17","date_gmt":"2021-05-06T19:05:17","guid":{"rendered":"https:\/\/fin2me.com\/?p=113729"},"modified":"2021-05-06T19:05:17","modified_gmt":"2021-05-06T19:05:17","slug":"cathie-woods-ark-innovation-etf-is-down-10-this-week-nearing-new-low-for-the-year","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/cathie-woods-ark-innovation-etf-is-down-10-this-week-nearing-new-low-for-the-year\/","title":{"rendered":"Cathie Wood&#x27;s ARK Innovation ETF is down 10% this week, nearing new low for the year"},"content":{"rendered":"<ul>\n<li>Shares of ARK Innovation are down another 3% on Thursday, bringing its weekly losses to nearly 10%.<\/li>\n<li>Nearly $770 million of flows have left Ark Innovation in the last week. Ark Invest \u2014 including its five core ETFs \u2014 has lost about $1.1 billion in investor dollars in the past seven days, according to FactSet. <\/li>\n<li>Ark Innovation bought DraftKings, Twilio, Teladoc Health and Invitae on Wednesday. <\/li>\n<li>Ark Next Generation Internet ETF purchased 140,000 shares of Pelton on Wednesday after it fell about 15% due to its treadmill recall debacle. <\/li>\n<\/ul>\n<p>Star fund manager Cathie Wood&#x27;s flagship fund is getting hit this week and seeing big investor outflows amid a sell-off.<\/p>\n<p>Shares of ARK Innovation are down another 3% on Thursday, bringing its weekly losses to nearly 10%. The &quot;disruptive innovation&quot; ETF bounced off its February low of the year earlier in the session, a level that many investors are watching as a barometer for the larger tech sector.<\/p>\n<p>Nearly $770 million has left Ark Innovation in the last week. Ark Invest \u2014 including its five core ETFs \u2014 has lost about $1.1 billion in investor dollars in the past seven days, according to FactSet.<\/p>\n<p><svg width=\"20\" height=\"20\" viewBox=\"0 0 20 20\" fill=\"#002F6C\" aria-labelledby=\"title desc\" role=\"img\" focusable=\"false\" data-analytic-id=\"expand-icon\" class=\"InlineImage-background\"><title>Zoom In Icon<\/title><desc>Arrows pointing outwards<\/desc><circle cx=\"10\" cy=\"10\" r=\"10\" fill=\"white\" stroke=\"#002F6C\"><\/circle><\/path><\/svg><\/p>\n<p>Ark Innovation is more than 32% off its high in February of 2021 after which the ETF spiraled on concerns about rising interest rates. Some of Ark Innovation&#x27;s top holdings were taking big hits on Thursday.\u00a0Teladoc Health\u00a0dropped 3%.\u00a0Square\u00a0and\u00a0Roku\u00a0fell 3% and 8%, respectively.\u00a0DraftKings dropped nearly 8%.<\/p>\n<p>Many investors view Wood&#x27;s funds as a proxy for the growth pockets of the market. Weakness of this kind in the absence of an obvious excuse like rising rates could be worrisome to certain market participants. Plus, technology stocks delivered blowout earnings last week, yet the company&#x27;s stocks appeared to have the &quot;good news&quot; priced in.<\/p>\n<p>Wood, as usual, is staying the course during the weakness in her top names. Ark Innovation bought DraftKings, Twilio, Teladoc Health and Invitae on Wednesday. Ark Next Generation Internet ETF purchased 140,000 shares of Pelton on Wednesday after it fell about 15% due to its treadmill recall debacle.<\/p>\n<p>Wood is steadfast in her long-term investing philosophy and takes advantage of the volatility to double down on her highest conviction picks.\u00a0Ark Invest chief operating officer Tom Staudt has told CNBC that Ark&#x27;s &quot;long term focus allows us to buy if a name has been hit for short-term reasons or sell if a name is up on short-term exuberance.&quot;<\/p>\n<p>Wood&#x27;s other ETFs also experienced intense selling pressure on Thursday. The\u00a0Ark Next Generation ETF\u00a0lost 2.5%, bringing its week-to-date losses to nearly 9%. The\u00a0Ark Genomic Revolution ETF\u00a0and the\u00a0Ark Autonomous Technology and Robotics ETF\u00a0lost 2.8% and 0.2%, respectively. The pair are down 10.3% and 4.3% this week alone. The\u00a0Ark Fintech Innovation ETF\u00a0dropped 1.6%, bringing its losses for the week to more than 6%.<\/p>\n<p>The Ark Autonomous Technology and Robotics ETF is Wood&#x27;s only funds in the green for the year.<\/p>\n<p><em>Cathie Wood will appear on CNBC&#x27;s &quot;Closing Bell&quot; on Friday at 3 p.m. ET.<\/em><\/p>\n<p>Become a smarter investor with\u00a0<strong>CNBC Pro<\/strong>.\u00a0<br \/>Get stock picks, analyst calls, exclusive interviews and access to CNBC TV.\u00a0<br \/>Sign up to start a\u00a0<strong>free trial today<\/strong><\/p>\n<p>Source: <a href=\"https:\/\/www.cnbc.com\/2021\/05\/06\/cathie-woods-ark-innovation-etf-is-down-10percent-this-week-nearing-new-low-for-the-year.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares of ARK Innovation are down another 3% on Thursday, bringing its weekly losses to nearly 10%. Nearly $770 million of flows have left Ark [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":113728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Cathie Wood&#x27;s ARK Innovation ETF is down 10% this week, nearing new low for the year - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/cathie-woods-ark-innovation-etf-is-down-10-this-week-nearing-new-low-for-the-year\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cathie Wood&#x27;s ARK Innovation ETF is down 10% this week, nearing new low for the year - Fin2me\" \/>\n<meta property=\"og:description\" content=\"Shares of ARK Innovation are down another 3% on Thursday, bringing its weekly losses to nearly 10%. 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