Cathie Wood’s ARK Innovation ETF tumbles after Fed Chair Powell’s Jackson Hole speech

Cathie Wood’s flagship ARK Innovation ETF
ARKK,
-6.42%
has taken a steep drop in midday trading as the technology sector sinks following Fed Chair Jerome Powell’s speech Friday morning at the Jackson Hole economic symposium in Wyoming. Shares of the ARK Innovation ETF were down 5.2% around midday Friday, according to FactSet data, at last check. Tech was among the hardest hit sectors of the S&P 500
SPX,
-3.37%
in midday trading, with the Technology Select Sector SPDR Fund
XLK,
-4.27%
falling around 2.7%. In his Jackson Hole speech, Powell reiterated his resolve to keep raising interest rates to combat high inflation in the U.S. while indicating that monetary tightening will hurt economic growth. “We are taking forceful and rapid steps to moderate demand so that it comes into better alignment with supply, and to keep inflation expectations anchored,” he said. “We will keep at it until we are confident the job is done.” Powell said. Tech and other growth stocks
RLG,
-3.83%,
which are particularly vulnerable to rising rates, were down sharply midday Friday.