The COVID-19 pandemic led to overrating of several stocks that played a crucial role during those uncertain times, like on-demand delivery, telehealth, fintech solutions, and e-commerce. While these stocks were major gainers last year, they have fallen significantly this year due to uncertain macroeconomic conditions.
The Federal Reserve’s aggressive interest rate hikes to tame the elevated inflation has kept the stock market under pressure. The central bank has raised the benchmark interest rate six times this year, the most recent being a 75 basis points increase earlier this month.
