Wood Buys Big into Lagging Stocks Amid Market Uptick

Cathie Wood's Ark Invest made several notable purchases on Monday, adding shares of CoreWeave (CRWV), Amazon (AMZN), and Rocket Lab (RKLB) to its portfolio.

The buys came despite the market experiencing a strong first day of the month, with the S&P 500 rising 1.4% on the day. Wood's fund did not let upticks deter it from adding to existing positions, buying into CoreWeave and Rocket Lab at prices significantly below their recent highs.

CoreWeave stock is trading 44% below its 52-week high, while Rocket Lab shares are 53% off their peak. Both companies report quarterly results next week, which could provide more insight into their performance.

Amazon's buy was Wood's largest purchase on Monday, and it came despite the company hitting a new all-time high during the day. The e-commerce giant reported its second-quarter earnings last week, with net sales rising 20% to $200.6 billion, driven largely by growth in Amazon Web Services (AWS) cloud-hosting business.