Bearish ARK Innovation ETF currently 42.5 cents lower after trading as low as $35.68

Published: January 25 2023, 19:00 GMT+0

Bearish ARK Innovation ETF currently 42.5 cents lower after trading as low as $35.68

ARK Innovation ETF is range-bound between $35.68 and $37.17 today after shedding 42.5 cents and closing at $37.48 yesterday.

Following a previous reading of 8.41 million, Crude Oil Inventories in United States released today at 15:30 UTC fell short of the 971,000 figure expected by analysts with an actual reading of 533,000.

While price action maintains a negative bias, United States 5-Year Note Auction released today at 18:00 UTC with a figure of 3.53, while the previous figure was 3.973. United States Cushing Crude Oil Inventories came out at 4.27 million.

In the meantime, negative performances are also seen in other markets, after ending yesterday's session at $83.9, NextEra Energy lost $6.04 and is trading around $77.86. HDFC Bank Limited is trading around $67.77 (down $3.67).

Other assets are showing positive performances as AT&T is up 5.87% to $20.29.

Looking ahead, ongoing depreciation may be prolonged as projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. As things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of 2.6, following on from the preceding figure of 3.2. New data is set to be published tomorrow at 13:30 UTC. United States Initial Jobless Claims expected to decline to 205,000 while its preceding data was 190,000, data will be available tomorrow at 13:30 UTC.

This year has been a bright one for ARK Innovation ETF after trading as low as $29.64 and going on to appreciate by 23.05% year to date.