The ARK Innovation ETF (ARKK) is experiencing a significant upturn, soaring 5.01% in pre-market trading on Monday. This surge comes on the heels of news that Cathie Wood, the fund's manager, has been actively buying stocks that have recently seen substantial declines.
Wood's recent purchases include adding to her existing positions in high-profile tech and innovation stocks such as Amazon (AMZN), Coinbase Global (COIN), and CRISPR Therapeutics (CRSP). These companies have seen their stock prices drop significantly from recent highs, with Amazon down nearly 30%, Coinbase more than 50%, and CRISPR Therapeutics also cut in half since their respective peaks.
Investors appear to be responding positively to Wood's strategy of buying the dip in these innovative companies. The ARK Innovation ETF, known for its focus on disruptive technologies and growth stocks, seems to be benefiting from renewed investor confidence in Wood's stock-picking abilities. As the market opens, all eyes will be on ARKK to see if this pre-market surge translates into sustained gains throughout the trading session.
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