Your Evening Briefing: The Brutal Stock Selloff Had a Big Buyer
Get caught up.
Tuesday’s brutal selloff in the aftermath of August’s hotter-than-expected inflation numbers looked like an opportunity to Cathie Wood’s Ark Investment Management. The firm bought 27 stocks across its eight exchange-traded funds that day, according to data compiled by Bloomberg. This was her largest buy. On Wednesday, stocks closed up (barely), with the S&P 500 swinging between gains and losses for much of the day. Retail sales due Thursday and University of Michigan readings Friday will be parsed for more clues on the strength of the US economy and inflation expectations. Here’s your markets wrap.
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