Portnoy and Wood Backed Stock Exchange ETFs Smash Thursday Afternoon as Nasdaq Closes in on Correction


Cathie Wood’s ARK Invest flagship ETF and a VanEck vectors social sentiment backed by Wall Street’s brother Dave Portnoy are down at least 4%. The VanEck vectors social sentiment PSE ETF: BUZZ
it fell 4.3% in the day of Thursday afternoon, in its debut. Meanwhile, Wood’s ARK Innovation ARKK,
-5.34%
it deepened its slide to the correction on Thursday, down 6.6%. Both ETFs are focused on attracting interest from many of the growing tech stocks that are in the market’s sights as bond yields rise, including electric vehicle maker Tesla Inc. TSLA,
-4.86%.
On Thursday, bonds took a leg up after Federal Reserve Chairman Jerome Powell said he was watching the rate hike, but offered no concrete steps the central bank was taking to slow rate movements. The 10-year Treasury yield rose 7 basis points in afternoon action, hitting about 1.54% and accelerating a sell-off of stocks that are considered expensive and do not offer a coupon. The high-tech Nasdaq Composite COMP index
-2.11%
it is down nearly 10% from its February 12 peak, meeting the commonly used definition for a correction. The Dow Jones Industrial Average DJIA,
-1.11%
it fell more than 400 points, or 1.3%, and registered a 0.8% increase so far this year. The S&P 500 SPX Index,
-1.34%
it was down 1.6% and maintained a 2021 gain of less than 0.1%. The Nasdaq Composite was negative for the year, down 1.4%.

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