Ark Invest's Cathie Wood said rapid interest rate hikes are now starting to hit more cyclical pockets of the market.
Ark Invest's Cathie Wood said rapid interest rate hikes over the past year are now starting to hit cyclical pockets of the market, extending beyond her strategy to invest in companies offering what she calls disruptive technology. "The valuation hit ...has been so severe to our strategy ,...and that was all related to the Fed jacking up interest rates 19 fold in less than a year. Unprecedented," Wood said on CNBC's " Squawk on the Street " Tuesday.
mountain Ark Innovation ETF The widely followed investor said economically sensitive stocks, which have fared better in the face of rising rates, could soon begin to feel the pain from an economic slowdown and possible U.S. recession. "It's like an earthquake, not just for our strategy, actually. We now think the earthquake is rolling off of our strategy and into other strategies and those that are cyclical," Wood said.
has rebounded nearly 27% this year, led by the comeback in holdings such as Tesla, Coinbase, Roku and Roblox.
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