Benzinga - Cathie Wood, the founder, CEO and CIO of ARK Investment Management, has had a tough year in the stock market as all eight of the company's exchange-traded funds (ETFs) were down substantially lower than the S&P 500.
On Thursday, the ARK Innovation ETF (ARCA: ARKK) was up closing at approximately 14.52%. On Friday, it was still up 13.80% at market close.
The recent surge in the stock market can be attributed to a cooler-than-expected CPI print of 7.7% for October.
What Happened: For the purpose of this article, Benzinga will delve into ARK Innovation ETF’s holdings to discover which stocks contributed the most to gains over the past five days.
Also Read: Why Cathie Wood's Ark Invest Expects This COVID Stock Play To Appreciate 1,200% By 2026
- DraftKings (NASDAQ: DKNG) is up roughly 30%.
- Twilio (NYSE: TWLO) is up roughly 27%.
- Unity Software Inc (NYSE: U) is up approximately 25%.
- Shopify Inc (NYSE: SHOP) is up approximately 22%.
- Exact Sciences Corp (NASDAQ: EXAS) is up over 22%.
- Teladoc Health Inc (NYSE: TDOC) is up more than 20%.
- Roku (NASDAQ: ROKU) is up roughly 21%.
The ARK Innovation ETF invests in “disruptive innovation,” which are companies that benefit from the development of new products or services, specifically technological improvements that potentially change the way the world works.
These types of investments typically fare well in a low-interest rate environment with lower inflation, which makes it easier for these firms to find liquidity when needed.
As inflation slightly cooled down in October, many economists are expecting a 50 bps hike in the December meeting which can extend the bear market rally.
Read Also: Friday Market Wrap: S&P 500 Posts Best Week Since June
ARKK Price Action: Ark Innovation ETF shares were up at $40.40 at market close Friday afternoon.
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