Stock Track | ARK Innovation ETF Plummets 5.02% Pre-Market Following Major Portfolio Reshuffling

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The ARK Innovation ETF (ARKK), managed by Cathie Wood's ARK Investment Management LLC, experienced a sharp 5.02% decline in pre-market trading on Friday. This significant drop comes on the heels of a series of major portfolio adjustments announced late Thursday.

According to recent filings, ARK has made several notable changes to its holdings. The fund reduced its stakes in high-profile tech companies including Tesla (TSLA), Meta Platforms (META), and Microsoft (MSFT). Conversely, it increased its positions in Nvidia (NVDA) and Alphabet (GOOG), while also boosting its Amazon (AMZN) holdings.

These moves represent a significant reshuffling of the ETF's portfolio, potentially signaling a shift in ARK's investment strategy or outlook on certain sectors within the tech industry. The market's initial reaction appears to be one of caution, as reflected in the ETF's pre-market plunge. Investors will be closely watching how these changes impact the fund's performance in the coming days and weeks, as well as any further explanations from ARK regarding the rationale behind these portfolio adjustments.

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