Nasdaq is approx -7% off its high. This morning's futures down -188 or -1.44% today. So not quite in correction territory but getting there.
TSLA is the biggest % in most of ARK funds and I've been building up a position in ARKK so the past 2 weeks has hurt a little. Have to keep on repeating my mantra about "think long-term".
Quote:
Leading techs lower in premarket is electric-car maker Tesla TSLA, -8.55%, down 6% after a roughly 8% drop on Monday. Our call of the day comes from Saxo Bank’s head of equity strategy, Peter Garnry, who has been warning clients that Tesla is tangled up in a “risk cluster” that involves bitcoin and Cathie Wood’s ARK Investment Management firm.
Tesla announced a $1.5 billion bitcoin investment earlier this month. Along with Tesla weakness, bitcoin was down 10% early Tuesday, which some attributed to criticism from Treasury Secretary Janet Yellen (see below). That crypto drop will “obviously illustrate the earnings volatility that Elon Musk has delivered to Tesla,” said Garnry.
|