Stock Track | ARK Innovation ETF Skyrockets on Bullish Tesla Outlook Under Trump

Stock Track11-11

The ARK Innovation ETF (ARKK) soared over 5% in pre-market trading on Sunday, riding a wave of optimism surrounding its top holding, Tesla Inc. (TSLA). The electric vehicle giant's stock has been on a remarkable 27% tear since the victory of President-elect Donald Trump in the 2024 U.S. presidential election, reclaiming the $1 trillion market cap milestone on Friday.

Investors are betting that a Trump administration will be favorable for Tesla's ambitious 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 company 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 electric vehicle powerhouse remains the top holding of the disruptive innovation ETF with a 14.94% weight as of November 9th. Consequently, 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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