Benzinga - by Piero Cingari, Benzinga Staff Writer.
Renowned investor Cathie Wood celebrated her best day of the year on Thursday as the ARK family of funds added over $700 million in assets under management (AUM) in a single trading session.
This remarkable surge occurred on the heels of a pivotal decision by the Federal Reserve.
Just a day earlier, the Fed opted to maintain interest rates at a steady 5.25%-5.5% for the second consecutive meeting, and Federal Reserve Chair Jerome Powell delivered a rather cautious tone, which paved the way for a widespread market relief rally.
Wood’s investment philosophy, centered on identifying disruptive innovation and high-growth potential stocks, proved its mettle on Thursday as investors shed concerns about rate hikes and began factoring in the possibility of earlier interest-rate cuts in 2024.
Cathie Wood’s ARKK Innovation ETF Rose Over 8% Thursday
ARKK Innovation ETFOther “smaller” members of Wood’s ARK family also showed robust gains, with the ARK Next Generation Internet ETF (NYSE:ARKW) up 7.2% and the ARK Fintech Innovation ETF (NYSE:ARKF) up 6.7%.
| ARK ETF Trust – ARK Innovation ETF | $5.90B | 8.38% | $494.60M |
| ARK ETF Trust – ARK Genomic Revolution ETF (NYSE:ARKG) | $1.40B | 4.65% | $65.10M |
| ARK ETF Trust – ARK Next Generation Internet ETF | $1.14B | 7.15% | $81.63M |
| ARK ETF Trust – ARK Fintech Innovation ETF | $752.62M | 6.82% | $51.33M |
| ARK ETF Trust – ARK Autonomous Technology & Robotics ETF (NYSE:ARKQ) | $877.26M | 4.12% | $36.11M |
| ARK ETF Trust – ARK Space Exploration & Innovation ETF (NYSE:ARKX) | $238.59M | 3.52% | $8.39M |
| ARK ETF Trust – ARK Israel Innovative Technology ETF (NYSE:IZRL) | $72.81M | 3.40% | $2.48M |
Chart: Cathie Wood’s ARK Innovation ETF Posts Its Best-Performing Session In Nearly A Year
Stocks Making ARK Funds Flying On Thursday
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Coinbase Global Inc. (NASDAQ:COIN) followed with an 8.6% gain, contributing 0.7 percentage points to the fund’s daily performance. Shopify Inc. (NASDAQ:SHOP) surged by 22%, adding 0.6 percentage points, while Tesla Inc (NASDAQ:TSLA) rose by 6.2%, contributing 0.5 percentage points due to its significant weight in the portfolio.
UiPath Inc. (NASDAQ:PATH) also saw substantial gains, climbing 6.7% during the trading day.
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Photo: Benzinga
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