Cathie Wood's Main ETF Closes at Five-Year Low in 78% Drop From Record
- Inflation, Fed’s tightening policy weighing on growth stocks
- Wood penned letter to Fed to voice concerns over tightening
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Cathie Wood’s flagship fund on Friday closed at its lowest level in five years, after suffering a 78% plunge from last year’s highs.
The ARK Innovation ETF (ticker ARKK) dropped 5.7%, finishing the day at $33.99 per share. The fund fell roughly 9.4% over the five-day stretch, its fifth straight weekly decline.