AlexSecret
Technology-based exchange traded funds shot up to start off the trading week on Monday, as investors snapped up risk-on assets following the inflation-inspired declines seen most of last week.
The Nasdaq Composite (COMP.IND) soared 3.5% in Monday’s intraday trading. As part of this trade, funds that cover an array of different technology subsectors have all experienced upward momentum. Some segments include innovation, blockchain technology, cloud computing, cybersecurity, the metaverse, and general broad-spectrum technology as a whole.
Below are a handful of popular technology-focused ETFs that are all on the move to the topside: ARK Innovation ETF (NYSEARCA:ARKK) +7%, iShares Blockchain and Tech ETF (IBLC) +6.7%, WisdomTree Cloud Computing Fund (NASDAQ:WCLD) +6%, WisdomTree Cybersecurity Fund (WCBR) +5.8%, Roundhill Ball Metaverse ETF (NYSEARCA:METV) +5.5%, and the Technology Select Sector SPDR ETF (NYSEARCA:XLK) +3.1%.
Monday’s gains allowed these ETFs to regain a small share of their losses for the year. Year-to-date price action: ARKK -62.6%, IBLC -40.4%, WCLD -49.7%, WCBR -35.4%, METV -50.9%, and XLK -31.5%.
In other sector related news, banking and financial focused ETFs are also well into the green after they received a boost from Q3 earnings figures delivered by Bank of America.
