Kathy Wood’s ARK Innovation ETF stumbles after Jackson Hole’s speech by Fed Chair Powell

The flagship ARK Innovation ETF ARKK from Cathie Wood,
-6.42%
It fell sharply at midday as the tech sector tumbled after Federal Reserve Chairman Jerome Powell’s speech Friday morning at the Jackson Hole Economic Symposium in Wyoming. Shares of the ARK Innovation ETF were down 5.2% in mid-Friday, according to FactSet data, at the latest check. Technology was among the hardest hit sectors in the S&P 500 SPX,
-3.37%
In midday trading, with Technology Select Sector SPDR Fund XLK,
-4.27%
It fell about 2.7%. In his Jackson Hole speech, Powell reiterated his intention to continue raising interest rates to combat high inflation in the US while noting that monetary tightening would hurt economic growth. “We are taking strong and rapid steps to cool demand so that it better aligns with supply, and to keep inflation expectations steady,” he said. “We will continue to do so until we are sure the job is done.” Powell said. technology and other growth stocks RLG,
-3.83%And the
Which was particularly vulnerable to higher interest rates, fell sharply at midday Friday.

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