NEW YORK—A broad selloff in technology and growth names battered the flagship fund of star stock picker Cathie Wood’s ARK Invest, as investors shifted away from tech shares amid a sharp rise in Treasury yields.
The ARK Innovation ETF, which had $21.4 billion in assets as of last week, according to Refinitiv, fell 4.2 percent on Tuesday. That drop outpaced a 2 percent swoon for the benchmark S&P 500, its biggest one-day percentage decline since May, and a 2.8 percent fall for the tech-heavy Nasdaq, its biggest one-day decline since March.
