(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.