(New York)

Tech is in a rough patch right now. The Nasdaq fell for four straight days leading into May 6th, and even on the 6th, smaller tech stocks fell sharply. All of this is spelling trouble for the recent manager-of-the-moment: Kathy Wood and ARK etfs. The fund’s flagship ARKK has lost an eye-opening 12% so far this week. The worst start to a month since it launched in 2014.

FINSUM: The fund is still up 94% over the last twelve months, but it looks like the next few months are going to be very rough for tech as investors try to digest the new rate environment.

(New York)

For anyone who has enjoyed the big rally in tech shares after the rough February through March period, JP Morgan has bad news…see the full story on our partner Magnifi’s site

(Shanghai)

Chinese companies allowed to raise funds in the US market saw those funds jump by…see the full story on our partner Magnifi’s site

(Portland)

The global chip shortage continues to ravage…see the full story on our partner Magnifi’s site

(New York)

The last year has been rough for annuities rates. The big drop in yields once the pandemic took hold meant annuities providers had to quickly and sharply cut their rates. But at the same time, the need for annuities has never been higher, given volatility and increased rates of retirement as Baby Boomers age. So where can one find the best annuities? Check out Fidelity, Allianz, New York Life, USAA, and MassMutual. For example, Allianz has no annual fees on their fixed index annuities. New York Life offers some very strong variable annuity options, including the ability to withdraw 10% of the account without penalty, and a minimum account value of only $2,500.

FINSUM: More and more advisors are moving into annuities as client need is rising. This has led to innovation in the space (such as no-commission annuities for RIAs) as well as more product creativity.