3 Cathie Wood Stocks To Watch Out For Amid Market Slump
The stock market has taken a step back after the previous upsurge as sentiments increased with Cathie Wood stocks under the spotlight. Cathie Wood is the CEO of asset management company, Ark Invest and posts daily updates on her stock portfolio. Her stock portfolio gained popularity in 2020 after a spike but declined in the following years. Stocks on the list have declined due to plummeting market sentiments
As stocks declined, crypto assets continued to trade sideways maintaining the correlation. Bitcoin has seen a 2% daily outflow leading to a fall in crypto stocks. Crypto stocks are assets whose values are impacted by Bitcoin, altcoins, or blockchain technology. Here are the top Cathie Wood stocks amid the market pullback.
Coinbase (COIN)
Digital asset exchange, Coinbase is among Cathie Wood’s portfolio with bulls expecting a possible market reversal. COIN trades at $244.16, a 5% decline today. The asset however posts longer-term inflows with 5% weekly numbers and a 15% jump in value this month. This sustained longer-term performance led to market analysts projecting a recovery of the asset.
Coinbase is down as a result of the bearish outlook of crypto assets. As outflows and on-chain numbers plummet, traders show weak signals. In Q1 2024, Coinbase recorded increased gains posting better-than-expected earnings as the price of Bitcoin soared to an all-time high.
Tesla (TSLA)
The electric car manufacturer is among the assets in Cathie Wood’s portfolio. The asset trades at $177.48 and is down 0.26% today. Despite the bearish outlook, investors continue to tip a rebound in the market and Tesla remains a top asset. Market participants argue for longer-term positions in the assets because year-to-date numbers are in the red zone.
Robinhood (HOOD)
Robinhood Markets Inc. has attracted attention after its recent acquisition of Bitstamp to expand its global crypto operations. The asset trades at $22.18 and is down 3% today. This year, HOOD marked a significant jump of 79% in price as bulls rallied in the first quarter. Commentators suggest a turnaround for the asset on a wider market rebound.
Also Read: Ripple (XRP) v Cardano (ADA): What Asset Will Lead in Recovery?
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