The Dow Jones Industrial Average fell 150 points Friday after the early release of economic data, as Wall Street threatened to end the week on a down note. Meanwhile, software giant Adobe (ADBE) plunged on earnings, while famed investor Cathie Wood loaded up on Tesla (TSLA) on the stock market today.
The Dow Jones Industrial Average dropped 0.4%, while the S&P 500 lost 0.8%. The tech-heavy Nasdaq composite dropped 1.1% after the opening bell.Among U.S. exchange traded funds, the Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) was down 1.1%, while the SPDR S&P 500 ETF (SPY) slipped 0.8%.
The 10-year Treasury yield ticked higher to 4.3% Further, oil prices paused amid big weekly gains, as West Texas Intermediate futures dipped 0.6%, trading around $80.80 a barrel.Cathie Wood’s Ark Innovation (ARKK) ETF purchased nearly 162,000 shares of Tesla stock Thursday, while Ark Autonomous Technology & Robotics (ARKQ) and Ark Next Generation Internet (ARKW) ETFs bought 18,543 and 36,183 shares, respectively, per daily trade disclosures.
Using Thursday’s closing price, that’s more than $35 million worth of Tesla stock. Shares of Tesla stock sold off another 4.1% Thursday, hitting new recent lows. Tesla is sharply below its 50- and 200-day moving averages and more than 45% off its 52-week high. Shares fell 0.7% Friday.
