{"id":124507,"date":"2021-05-10T18:02:55","date_gmt":"2021-05-10T18:02:55","guid":{"rendered":"https:\/\/precoinnews.com\/?p=124507"},"modified":"2021-05-10T18:02:55","modified_gmt":"2021-05-10T18:02:55","slug":"cathie-woods-ark-innovation-etf-falls-to-new-low-for-the-year-off-nearly-35-from-recent-high","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/markets\/cathie-woods-ark-innovation-etf-falls-to-new-low-for-the-year-off-nearly-35-from-recent-high\/","title":{"rendered":"Cathie Wood&#x27;s ARK Innovation ETF falls to new low for the year, off nearly 35% from recent high"},"content":{"rendered":"<ul>\n<li>Ark Innovation dropped as much as 5% on Monday, dragging the &quot;disruptive innovation&quot; ETF below its March low.<\/li>\n<li>The ETF fell nearly 35% from its most recent high: $159.70 on Feb. 16.<\/li>\n<li>&quot;The issue with ARKK and other speculative growth ETFs is that short-term rallies have been aggressively faded for three months now,&quot; Frank Cappelleri, Instinet executive director, told CNBC. <\/li>\n<\/ul>\n<p>In this article<\/p>\n<ul>\n<li><span>ARKK<\/span><\/li>\n<li><span>ARKK<\/span><\/li>\n<\/ul>\n<p>Cathie Wood&#x27;s flagship fund Ark Innovation hit its lowest point of the year on Monday amid further selling in innovation stocks.<\/p>\n<p>Ark Innovation&#x27;s drop of as much as 5% on Monday dragged the &quot;disruptive innovation&quot; ETF below its March low, a level that many investors are watching as a barometer for the larger tech sector.<\/p>\n<p>Ark Innovation is now nearly 35% off its most recent high: $159.70 on Feb. 16.<\/p>\n<p>Wood&#x27;s core ETF is now down nearly 13% this month and more than 15% year to date.<\/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>Some of Ark Innovation&#x27;s top holdings took big hits on Monday as the Nasdaq Composite dropped as much as 1.5%. Tesla fell 4% and\u00a0Teladoc Health\u00a0dropped 4.6%.\u00a0Square\u00a0and\u00a0Roku\u00a0fell nearly 6% and 3%, respectively.\u00a0DraftKings\u00a0declined more than 3% and Zillow lost over 2%.<\/p>\n<p>Wood told CNBC on Friday that she loves the setup for her ETFs following the most recent sell-off in technology stocks. She said she envisions her strategies posting a compound annual rate of return of 25% to 30%.<\/p>\n<p>&quot;I love this setup,&quot; Wood said Friday on CNBC&#x27;s &quot;Closing Bell.&quot; &quot;The worst thing that could have happened to us is to have the market narrowly focus on just our ilk of stock \u2014 the innovation space.&quot;<\/p>\n<p>However, more than $1.1 billion of fund flows have left Ark Innovation this month. Ark Invest \u2014 including its five core ETFs \u2014 has lost about nearly $2 billion in investor dollars in May, according to FactSet.<\/p>\n<h2>200-day moving average long gone<\/h2>\n<p>Ark Innovation broke below its 200-day moving average, a key technical level watched by traders that is essentially the average of the past 200 closing prices.<\/p>\n<p>&quot;The issue with ARKK and other speculative growth ETFs is that short-term rallies have been aggressively faded for three months now,&quot; Frank Cappelleri, Instinet executive director, told CNBC. &quot;The ETF will have to do more than just bounce for a few days to convince traders otherwise.&quot;<\/p>\n<p>&quot;In other words, simply getting back above the 200-day moving average won&#x27;t mean much without upside follow through. That continues to be the biggest concern,&quot; Cappelleri added.<\/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>Wood&#x27;s other ETFs also experienced intense selling pressure on Monday. The\u00a0Ark Next Generation ETF\u00a0lost 3.7%, bringing its month-to-date losses to more than 11%. The\u00a0Ark Genomic Revolution ETF\u00a0and the\u00a0Ark Autonomous Technology and Robotics ETF\u00a0fell 3.7% and 2.5%, respectively. The pair are down about 13% and 5% this month alone. The\u00a0Ark Fintech Innovation ETF\u00a0dropped 3.6%, bringing its losses for the month to nearly 9%.<\/p>\n<p>The Ark Autonomous Technology and Robotics ETF is Wood&#x27;s only fund in the green for the year, up about 3%.<\/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\/10\/cathie-woods-ark-innovation-etf-falls-to-new-low-for-the-year.html\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Ark Innovation dropped as much as 5%<\/p>\n","protected":false},"author":3,"featured_media":124506,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[23054],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - 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