Cathie Wood’s ARK Invest was on the case to jump in and buy the dip on Sept. 4, Inc. has added shares of Robinhood Markets and the 3iQ Solana Staking ETF. The purchases came as stronger-than-expected U.S. jobs report that resulted in a selloff across Wall Street and fueled rising expectations that the Federal Reserve will raise rates once again.
Cathie Wood Acquires More Robinhood Stock, Solana ETF
Cathie Wood-led ARK’s latest daily trading disclosure reveals that the firm’s ARK Genomic Revolution ETF (ARKG) added 28,589 shares of Robinhood Markets (NASDAQ: HOOD). The deal was valued at about $3.49 million based on the closing price of the stock at $122.11.
ARK also increased its exposure to Solana through the 3iQ Solana Staking ETF (TSE: SOLQ.U). The ARK Fintech Innovation ETF (ARKF) purchased 1,607 shares and the ARK Next Generation Internet ETF (ARKW) purchased 1,785 shares. With SOLQ.The $8.29 closing price for U came to about $28,120 in the combined purchase of 3,392 shares.
In addition to those acquisitions, Cathie Wood’s ARKG ETF acquired 22,144 shares of Veracyte and 28,720 shares of Intellia Therapeutics. ARKF also purchased 2,466 shares of Intellia Therapeutics and ARKK acquired 12,300 shares of Twist Bioscience. The ARKK fund’s flagship fund also divested itself of its holdings in Tempus AI, selling 20,180 shares.
U.S. Jobs Data Weighs On The Market
Investors responded to fresh U.S. labor market data that changed interest-rate expectations while Cathie Wood’s buying activity increased. Nonfarm payroll rose by 162,000 in August, nearly tripling the expected level of 55,000, and the unemployment rate held steady at 4.1%, the Labor Department reported. The robust employment report added fuel to the fire and raised investors’ hopes the Federal Reserve will increase interest rates during its September policy meeting.
The U.S. stock market suffered with a downward trend driven by a change in rate expectations. The Dow Jones Industrial Average fell 271.86 points, or 0.51%, to 53,414.25. Investors shunned growth stocks in the wake of the payrolls report, pushing the S&P 500 and the Nasdaq Composite down 0.38% to 7,718.60 and 0.29% to 26,506.99, respectively.
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