NEW YORK—A broad selloff in technology and growth names battered the flagship fund of star stock picker Cathie Wood’s ARK Invest, as investors shifted away from tech shares amid a sharp rise in Treasury yields. The ARK Innovation ETF, which had $21.4 billion in assets as of last week, according to Refinitiv, fell 4.2 percent on Tuesday. That drop outpaced a 2 percent swoon for the benchmark S&P 500, its biggest one-day percentage decline since May, and a 2.8 percent fall for the tech-heavy Nasdaq, its biggest one-day decline since March. Losses for the ARK fund have accelerated in recent days, fueled by a rise in Treasury yields that has hit the broader universe of technology and growth stocks in the wake of the Federal Reserve’s monetary policy meeting last week. The central bank took a hawkish tilt at that meeting, which some interpreted as a vote of confidence in the U.S. …