The equity markets have remained under pressure since the beginning of the year, with lingering core inflation and the latest Federal rate hikes. Furthermore, the Fed might announce three more interest rate increases this year, extending the bearish market sentiment. Despite the continuing tech rout, Cathie Wood stocks remain highly overvalued. The ARK Innovation ETF (ARKK) has declined 29.4% over the past month.
Popular CNBC host Jim Cramer has shifted his opinion regarding Cathie Woods stocks and warned investors to avoid stocks that Cathie Wood is buying. Furthermore, persistent underperformance of the stocks of concern recently prompted Morningstar analysts to downgrade ARKK from Neutral to Negative.
