The much-hyped investment firm Ark Invest, led by Cathie Wood, has reportedly seen a massive erosion of wealth over the past ten years, amounting to a staggering $14.3 billion.
At noon trading in New York, major equity indices on Wall Street remain directionless as traders evaluate the future course of monetary policy ahead of several speeches by Federal Reserve officials in the days ahead.
Wall Street ends week on negative note as traders revise down expectations on Fed rate cuts. Strong economic data and Fed officials' comments push stocks into red, reducing rate cut expectations for 2024. Treasury yields and dollar strengthen. Small-caps hit hardest.