Tech Sector Extends Sell-off, More Pain for Cathie Wood's ARK Innovation ETF, Druckenmiller's Message to the Fed, Next Steps After the Colonial Pipeline Ransomware Attack, a $15B SPAC Deal, and the Retail & Recovery Picture: From Mall Operator Simon Property Group to L Brands and Victoria Secret
Carl Quintanilla, Jim Cramer and David Faber led off the show by discussing the extension of the tech sell-off dragging down the markets overall -- with Tesla, semiconductors and FAANG names among those under pressure. Cathie Wood's ARK Innovation ETF extending losses of its own, down more than 14-percent for the month. The anchors explored whether now's the time to buy some of the ETF's beaten-down components such as Zoom, Roku and Twilio. They also reacted to what billionaire investor Stanley Druckenmiller told CNBC about Fed policymakers -- he says they are failing to adjust to improved economic conditions by clinging to an emergency policy. Also in focus: The EPA's response to the Colonial Pipeline ransomware attack and what it could mean for gas prices, Biotech firm Gingko Bioworks agreeing to go public in a $15-billion SPAC Deal, What the CEO of Simon Property Group is saying about earnings and what he's seeing from shoppers at the malls, and L Brands' decision to spin off Victoria's Secret and Bath & Body Works into two public companies.
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