The stock market witnessed a brutal sell-off last week as investors went into panic mode following a surprise spike in inflation for the month of August. The Consumer Price Index released by the Bureau of Labor Statistics revealed that prices increased 8.3% year over year in August. The month-over-month increase came in at 0.1%.

Economists were expecting prices to decline 0.1% over July and were looking for a year-over-year increase of 8.1%. However, the unfavorable readings set the cat among the pigeons and on Sept. 13 the stock market witnessed its worst day since June 2020.

This sell-off means that celebrated investor Cathie Wood, CEO of investment management firm ARK Invest, continues to have a torrid time this year as far as her picks are concerned. The ARK Innovation ETF has shed 57% of its value in 2022, which is not surprising considering the fund's exposure to fast-growing companies that could disrupt industries.

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Source Fool.com