Cathie Wood’s ARKK Struggles in Early Trading After 20% Retreat
- Wood’s flagship fund recovers some of its pre-market retreat
- Rising Treasury yields have battered pricey tech stocks
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The main fund from Cathie Wood’s Ark Investment Management slipped in pre-market trading on Thursday, as it struggles to stabilize following a 20% drop from its February peak.
The $22.9 billion Ark Innovation ETF (ARKK) was down 0.7% as of 8:53 a.m. in New York. The ETF tumbled 6.3% on Wednesday, adding to recent losses as growth stocks such as Pinterest Inc. and Zillow Group Inc. took a beating.