U. S. technology stocks tumbled on Monday, with Cathy Wood's flagship fund Ark Innovation ETF (ARKK) falling to a six-month low, with 53 of its 58 stocks down.
The ETF fund, which focuses on technology companies that aim to upend the industry, fell 5.2% on Monday to Nasdaq.The 100 index fell twice as much. The fund is now down more than 30 per cent from its February peak.
Wood's ark innovation ETF soared nearly 150% in 2020, but is down 16% so far this year.
Among the portfolios disclosed by the fund on may 7, the hardest hit was that two biotech stocks,: Twist Bioscience, tumbled more than 17 per cent on Monday, the biggest one-day decline since Feb. 5.; NanoString Technologies fell 12 per cent.
Tesla, the largest heavy stock in the fund.Shares fell 6.44% on Monday to close at $629.04.
On the other hand, shares in Coinbase, the largest cryptocurrency exchange in the United States, jumped 11.3% on Monday, the biggest gain since it went public on April 14. Coinbase accounts for about 2.8 per cent of ARKK's portfolio.
Wood raised his bets in the recent decline, with Twitter last week.(TwitterWith the share price down 5.2%, she bought the stock on three of the five trading days. She also said in a television interview that the decline in technology stocks only laid the foundation for a strong rebound in her fund.