Stock Track | ARK Innovation ETF Surges in Pre-Market on Positive Tesla Outlook

Stock Track11-11

The ARK Innovation ETF (ARKK) soared over 5% in pre-market trading on Sunday, buoyed by renewed optimism surrounding its top holding, Tesla Inc. (TSLA). Tesla stock appears poised for further gains after reclaiming the $1 trillion market cap on Friday, following a 27% surge since the victory of President-elect Donald Trump in the 2024 U.S. presidential election.

Investors anticipate that a Trump administration will be favorable for Tesla's autonomous driving and artificial intelligence initiatives, such as the highly-anticipated Cybercab robotaxi service. Wedbush Securities analyst Dan Ives, a longtime Tesla bull, raised his price target on the electric vehicle maker to $400 from $300, citing the belief that a "Trump White House win will be a gamechanger for the autonomous and AI story for Tesla and Musk over the coming years."

While ARKK manager Cathie Wood has trimmed her fund's Tesla stake in recent weeks, the EV company remains the top holding of the disruptive innovation ETF with a 14.94% weight as of November 9th. As a result, ARKK's performance is closely tied to Tesla's stock movements, and the positive outlook for the automaker under a Trump presidency appears to be driving ARKK's pre-market rally.

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