A combination of rising interest rates, tightening monetary policy from the Federal Reserve, and fears about the new omicron coronavirus variant have spooked dozens of high-growth stocks, many of which were big winners during the pandemic. ARK Innovation ETF, Cathie Wood's flagship ETF and a proxy for high-growth tech stocks, was down by more than 25% at one point over the last month. Cloud identity specialist Okta (NASDAQ: OKTA) hasn't escaped this malaise as the company hit a 52-week low on Dec. 1 before its third-quarter earnings report.
Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting