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ARK Innovation ETF and tech stocks extend early August risk rally
Cathie Wood's ARK Innovation ETF is up 16% through the first nine trading days, and Nvidia, SpaceX, and Microsoft have added a combined roughly $1.28 trillion in market value this month.
Risk appetite has returned to the market in early August, with Cathie Wood's ARK Innovation ETF moving sharply higher alongside chips and software, according to Yahoo Finance. Nine trading days into August, ARKK is up 16%, while IPO-related, semiconductor, and tech-software ETFs are also up 9% or more as of Thursday's close. The risk trade appeared to cool on Friday, but it was not described as reversing, with ARKK logging its worst day in two weeks as chips and software traded lower. Yahoo Finance also highlighted the scale of the gains in dollar terms. Nvidia (NVDA) added about $600 billion in market value this month, SpaceX (SPCX) gained roughly $440 billion, and Microsoft (MSFT) added nearly $240 billion, while Micron (MU), Broadcom (AVGO), and Palantir (PLTR) each gained more than $130 billion. To gauge whether the move is broad rather than concentrated, Yahoo Finance noted an equal-weight basket of ARKK, the Renaissance IPO ETF (IPO), the iShares Semiconductor ETF (SOXX), and the iShares Expanded Tech-Software Sector ETF (IGV) is beating the SPDR S&P 500 ETF (SPY) by about 8 percentage points through August's first nine trading days. The article said the basket's early-month lead is the largest since 2015, and it pointed to a shift from July, when a large rotation between chips and mega-cap leaders left investors choosing sides.
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