ARK Funds Add Over $700 Million On Cathie Wood's Best Day In 2023: Which Stocks Are Driving The Rally?
Portfolio Pulse from Piero Cingari
Cathie Wood's ARK family of funds added over $700 million in assets under management (AUM) in a single trading session, marking her best day of the year. This surge followed the Federal Reserve's decision to maintain interest rates, leading to a market relief rally. The ARKK Innovation ETF rose over 8%, increasing its AUM by $500 million. Other ARK ETFs also saw robust gains. Stocks contributing to the ARK Innovation ETF’s performance included Roku, Coinbase Global, Shopify, Tesla, and UiPath.
November 02, 2023 | 8:42 pm
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ARKK Innovation ETF rose over 8%, marking its best-performing day since Nov. 10, 2022, and increasing its AUM by $500 million.
The ETF's performance was driven by the Federal Reserve's decision to maintain interest rates and the strong performance of its holdings, including Roku, Coinbase, Shopify, Tesla, and UiPath.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Coinbase Global gained 8.6%, contributing 0.7 percentage points to ARKK’s daily performance.
Coinbase's strong performance contributed to the surge in ARKK's performance.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
UiPath saw substantial gains, climbing 6.7% during the trading day.
UiPath's strong performance contributed to the surge in ARKK's performance.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Roku soared an impressive 31% during the session, accounting for nearly 2 percentage points of the daily increase in ARKK.
Roku's impressive performance contributed significantly to the surge in ARKK's performance.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Shopify surged by 22%, adding 0.6 percentage points to ARKK’s daily performance.
Shopify's strong performance contributed to the surge in ARKK's performance.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100
POSITIVE IMPACT
Tesla rose by 6.2%, contributing 0.5 percentage points to ARKK’s daily performance due to its significant weight in the portfolio.
Tesla's performance, coupled with its significant weight in the portfolio, contributed to the surge in ARKK's performance.
CONFIDENCE 100
IMPORTANCE 100
RELEVANCE 100