Cathie Wood’s ARK Invest purchased shares of Robinhood Markets and the 3iQ Solana Staking ETF on September 4, following a market selloff across Wall Street triggered by a stronger-than-expected U.S. jobs report.
ARK Invest Daily Trading Activity
According to ARK's daily trading disclosure, the ARK Genomic Revolution ETF (ARKG) acquired 28,589 shares of Robinhood Markets (NASDAQ: HOOD). Based on the stock's closing price of $122.11, the purchase was valued at approximately $3.49 million.
ARK also increased its exposure to Solana via the 3iQ Solana Staking ETF (TSE: SOLQ.U). The ARK Fintech Innovation ETF (ARKF) bought 1,607 shares, while the ARK Next Generation Internet ETF (ARKW) bought 1,785 shares. The combined purchase of 3,392 shares came to about $28,120, based on a closing price of $8.29 for SOLQ.U.
Additionally, the ARKG fund acquired 22,144 shares of Veracyte and 28,720 shares of Intellia Therapeutics. ARKF purchased 2,466 shares of Intellia Therapeutics, and the ARKK flagship fund acquired 12,300 shares of Twist Bioscience. Meanwhile, the ARKK fund divested its holdings in Tempus AI by selling 20,180 shares.
U.S. Labor Market Data Drives Market Response
The acquisitions coincided with investor reactions to fresh U.S. labor market data. The Labor Department reported that nonfarm payrolls rose by 162,000 in August, nearly tripling the expected 55,000 level, while the unemployment rate held steady at 4.1%. The robust report fueled expectations that the Federal Reserve will raise interest rates during its September policy meeting.
The shift in rate expectations caused a downward trend across major U.S. stock indices:
- Dow Jones Industrial Average: Fell 271.86 points (0.51%) to 53,414.25.
- S&P 500: Declined 0.38% to 7,718.60.
- Nasdaq Composite: Dropped 0.29% to 26,506.99.
