The ARK Innovation ETF (ARKK) experienced a significant drop of 5.03% during Tuesday's intraday trading session, as investor sentiment shifted away from speculative growth stocks.
Cathie Wood's flagship ETF has a substantial holding in SoFi Technologies, a fintech company that has shown promising growth in its non-lending financial services segments. Despite SoFi's strong performance, the overall market sentiment seems to be weighing on the ARK Innovation ETF.
Investors appear to be cautious about the high valuations of some of the growth stocks in the ARK portfolio, which are often seen as speculative investments. The plummet in ARKK's share price highlights the market's current risk-off approach towards disruptive and innovative companies that may not have fully matured yet.
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