(Bloomberg) — Cathie Wood’s flagship ARK Innovation ETF (ticker ARKK) roared back from its biggest drop since March as dip buyers emerged after an ugly three first three hours of trading on Monday.
The exchange-traded fund gained 2.8%, erasing a drop of as much as 9.1%, in a wild session that saw key stocks like Intellia Therapeutics Inc., Beam Therapeutics Inc. and Shopify Inc. stage a mid-afternoon rally. Monday’s volatility marked the latest chapter for the former high-flying, disruptive tech and biotech companies favored by Wood.
Despite Monday’s bounce, ARKK’s 22% in the first weeks of the year has it on pace for the worst month ever, with all 43 members of the ETF losing at least 4.1% of their value. ARK Genomic Revolution ETF (ARKG) and ARK Next Generation Internet ETF (ARKW), the firm’s next two largest ETFs, have each fallen 22% in 2022.
(Updates for market close)
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