Cathie Wood's ARK Invest bought 28,589 shares of Robinhood Markets and expanded its Solana ETF exposure on Sept. 4, even as a stronger-than-expected U.S. jobs report sent Wall Street lower. The Dow Jones Industrial Average, S&P 500 and Nasdaq Composite all closed down as investors recalculated Federal Reserve rate expectations.
Cathie Wood's ARK Invest added 28,589 shares of Robinhood Markets (NASDAQ: HOOD) on Sept. 4, a trade worth about $3.49 million at the stock's closing price of $122.11. The purchase came through the ARK Genomic Revolution ETF (ARKG), even as a stronger-than-expected jobs report sparked a broader selloff.
ARK deepens its Solana and biotech bets
ARK also increased its exposure to Solana through the 3iQ Solana Staking ETF (TSE: SOLQ.U). The ARK Fintech Innovation ETF (ARKF) bought 1,607 shares and the ARK Next Generation Internet ETF (ARKW) bought 1,785 shares, a combined 3,392 shares worth about $28,120 at the fund's $8.29 closing price.
Beyond Robinhood and Solana, ARKG also picked up 22,144 shares of Veracyte and 28,720 shares of Intellia Therapeutics, while ARKF added 2,466 shares of Intellia Therapeutics. ARKK acquired 12,300 shares of Twist Bioscience but sold its entire stake of 20,180 shares in Tempus AI.
Jobs data reshapes rate expectations
Nonfarm payrolls rose by 162,000 in August, nearly tripling the 55,000 economists had expected, while the unemployment rate held steady at 4.1%, the Labor Department reported. The stronger-than-expected report raised investors' hopes that the Federal Reserve will raise interest rates again at its September policy meeting.
Wall Street slides on rate expectations
The shift in rate expectations dragged major indexes lower. The Dow Jones Industrial Average fell 271.86 points, or 0.51%, to 53,414.25 after the report. The S&P 500 slid 0.38% to 7,718.60 and the Nasdaq Composite fell 0.29% to 26,506.99, as investors shunned growth stocks in the wake of the payrolls report.
Source: CoinGape
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