Google-parent Alphabet on Friday flirted with a 52-week low as Google stock slipped down to 100.94 in intraday trading. Read More...
Reuters
‘The selling pressure is feeding on itself:’ ARK, meme stocks tumble as Fed hike looms
Sizzling inflation that helped send 2-year U.S. Treasury yields to fresh 14-year highs continued to burn some of the winners of the so-called pandemic bubble Friday. The ARK Innovation Fund, run by star stock picker Cathie Wood, dropped 4.3%, helped along by steep declines in top holdings including Intellia Therapeutics Inc and Block Inc, the company formerly known as Square. The fund is now trading nearly 20% below the high it reached in late August, when investor hopes that the Federal Reserve would pause in raising interest rates helped the fund surge 40% from a two-year low reached in May. The fund is down nearly 55% for the year to date.
