Unearth Bargain Prices for Momentum Stocks
Recent market turbulence has created opportunities to buy momentum stocks at discounted prices. Despite a global sell-off fueled by concerns over the U.S. economy and yen carry trade unwinding, dip buyers have stepped in and lifted the S & P 500. While Wells Fargo analyst Christopher Harvey remains cautious about the broader market, he suggests that investors focus on buying individual stocks rather than investing in the entire market. Some stocks, including high-flying Meta Platforms, have become more affordable and may be attractive options for purchase. Let’s take a closer look at some of the stocks that Wells Fargo is keeping an eye on amid the recent market volatility.
Stocks to Watch Amid Market Volatility
Here are some of the stocks that Wells Fargo is watching closely in light of the recent market turbulence:
- Nvidia: Despite a 20% pullback in the past month due to concerns about the artificial intelligence boom, Nvidia has seen a 110% year-to-date increase. Analysts believe that this dip presents a buying opportunity for investors.
- Meta Platforms: While the stock has gained approximately 45% in 2024, it has dropped 3% in the past month. The company exceeded Wall Street’s expectations in the second quarter, driven by a surge in advertising revenue.
- Eli Lilly: With a 53% increase in 2024, Eli Lilly’s stock has decreased by about 8% in the past month. The company exceeded analysts’ estimates in the second quarter and raised its full-year revenue guidance.
- Other stocks on the radar include streaming service Netflix and ride-sharing company Uber.
Hot Take: Potential Bargain-Buying Opportunities
In conclusion, recent market turbulence has brought about some bargain prices for momentum stocks, providing investors with the opportunity to capitalize on discounted prices. By focusing on individual stocks that have become more affordable, investors can potentially benefit from the market volatility and make strategic investment decisions.
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