A broad selloff in technology shares is punishing fund manager Cathie Wood’s flagship ARK Innovation exchange-traded fund.
The popular ETF, which goes by the ticker ARKK and targets fast-growing, “disruptive” companies, fell 5.5% Friday, as technology stocks staged a sharp pullback. Concerns about inflation and the possible economic impact of the new Omicron variant of the coronavirus knocked down shares of holdings including Tesla Inc. and Robinhood Markets Inc., while DocuSign Inc. dropped sharply after a disappointing quarterly earnings forecast.