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HomeMarketsBuzzy stock-market ETFs backed by Portnoy and Wood get crushed Thursday afternoon

Buzzy stock-market ETFs backed by Portnoy and Wood get crushed Thursday afternoon

Cathie Wood’s flagship ARK Invest ETF and a VanEck Vectors Social Sentiment backed by Wall Street bro Dave Portnoy are down by at least 4%. The VanEck Vectors Social Sentiment ETF
was down 4.3% in Thursday afternoon trade, in its debut. Meanwhile, Wood’s ARK Innovation

deepened its slide into correction on Thursday, off 6.6%. Both ETFs focus on drawing interest from many of the growthy tech stocks which are in the market’s crosshairs as bond yields rise, including electric-vehicle maker Tesla Inc.
On Thursday, bonds took a leg higher after Federal Reserve Chairman Jerome Powell said he was watching the rise in rates but offered no concrete steps the central bank was taking to tamp down rate moves. The 10-year Treasury yield jumped by 7 basis points in afternoon action, hitting around 1.54% and accelerating a sell-off in stocks that are viewed as pricey and that don’t offer a coupon. The tech-heavy Nasdaq Composite Index

was down nearly 10% from its Feb. 12 peak, meeting the commonly used definition for a correction. The Dow Jones Industrial Average

was down more than 400 points, or 1.3%, and nursing a 0.8% year-to-date gain. The S&P 500 index

was down 1.6% and holding on to a 2021 gain of less than 0.1%. The Nasdaq Composite was negative for the year, down 1.4%.

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