Cathie Wood’s ARKK ETF Has Its Best Day Ever as Risk Assets Surge

Bloomberg2022-11-11

ARKK, TARK and other Cathie Wood funds surge following report‘This is a very highly skewed buy-day,’ says CEO of WebullCathie Wood’s flagship fund entered into its best day on record as riskier assets...

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Bull1973
2022-11-11
Bull1973
Ok
UTOtrader
2022-11-11
UTOtrader
T
- UTOtrader:
  yeah
- Bull1973:
  Ok

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That’s good news for riskier assets that have been weighed down by the central banks rate-hiking efforts.Meanwhile, the AXS 2X Innovation ETF (TARK), which tracks double the performance of Wood’s fund, raced ahead by 28%, the most since its inception earlier this year, while the AXS Short Innovation Daily ETF (SARK), which is structured to deliver the inverse of ARK Innovation’s performance each day, slid close to 14%, the most on record.“It’s a super mean-reversion day,” said Todd Sohn, ETF strategist at Strategas Securities. “A little beat on inflation and we see market relief,” he said, adding that a lot of investors who had shorted ARKK might also be forced to cover their positions.Stocks and cryptocurrencies surged on Thursday for its best day since April 2020, with the S&P 500 adding more than 5%. Bitcoin, the largest digital token by market value, gained more than 12% to trade above $17,000, following a two-day drubbing that saw it tank below many closely-watched technical levels as the collapse of the popular crypto exchange FTX.com spurred industry wide angst. A basket of the most shorted companies gained more than 8%.Wood’s other funds, including the ARK Fintech Innovation ETF (ARKF) and ARK Genomic Revolution ETF (ARKG) each added more than 11% Thursday.“This is a very highly skewed buy-day. I think this is well-needed good news for the market after the last 48 hours. ARK’s fund was getting destroyed all week,” said Anthony Denier, CEO of trading platform Webull. “It’s kind of one of those ‘hoorah’ moments for the market that there’s finally some good news, or at least finally some light at the end of the tunnel, that we’re kind of making way through this inflation cycle.”Still, the year hasn’t been the kindest of years for Wood and her suite of products. 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