The market mounted an impressive comeback in afternoon trading Monday to close the day in the green, even after the Nasdaq fell roughly 4% at one point. The brief comeback showcased that buyers are prepared to step in once they think the selling has gotten out of control. All three major U.S. indexes fell again on Tuesday to prolong the downturn that kicked into high gear in early January. The Nasdaq is down over 16% from its November records and the S&P 500 is officially in correction territory (down 10% or more from its highs). Both indexes last week posted their worst performances since the pandemic started and trade beneath their 200-day moving averages for the first time since the initial covid selloff. As awful as they can be in the moment, corrections and pullbacks are healthy and necessary aspects of the market. The market was due for something substantial after three years of strong gains and the selling could continue. That said, many growth stocks, as well as a few established tech giants have seen nearly all of their pandemic gains washed away. All of the selling has recalibrated valuations significantly, with the S&P 500 currently trading near its pre-pandemic levels in terms of forward earnings. Therefore, investors might want to start nibbling at some stocks because timing the market exactly is extremely difficult. Let’s also remember the outlook for S&P 500 revenues, margins, and earnings are strong for 2022 and 2023. Plus, interest rates will have to climb a lot higher before they make stocks broadly unappealing (also read: 3 Things to Know About the Q4 Earnings Season). Given this backdrop, investors might want to consider adding stocks as we get closer to February and hopefully start to leave what’s been a brutal January behind. Today, we utilized a Zacks screen to find highly-ranked stocks trading for under $10 a share to consider buying amid the market downturn… Penny Stocks One dollar or less used to be the common threshold for what we call “penny stocks.” Today, the SEC has expanded penny stocks to securities that trade for less than $5 a share. Many investors avoid these stocks because they are speculative in nature. Meanwhile, penny stocks often trade infrequently and hold wide bid/ask spreads. These stocks also carry many other traits that, in many cases, cause excessive volatility. With that said, some penny stocks perform incredibly well, which helps them remain attractive. Stocks Under $10 Moving on, let’s briefly discuss the next class of cheap stocks. Stocks that trade in the $5 to $10 range are generally less risky than their penny stock counterparts. Investors might be more likely to have heard of these companies or seen the tickers. They are, however, still inherently more speculative than many other higher-priced stocks. Investors can obviously find winning stocks for under $10 if they are extremely selective. So today, we narrowed the list of thousands of these more speculative stocks down to a more manageable group of $10 and under stocks that might help boost your portfolio. Screen Parameters • Price less than or equal to $10 • Volume greater than or equal to 1,000,000 • Zacks Rank less than or equal to 2 (No Holds, Sells or Strong Sells.) • Average Broker Rating less than or equal to 3.5 (Average Broker Rating of a Hold or Better.) • # of Analysts in Rating greater than or equal to 2 (Minimum of at least two analysts covering the stock.) • % Change F1 Earnings Estimate Revisions -- 12 Weeks greater than or equal to 0 (Preferably upward earnings estimate revisions, but definitely no downward revisions.) Here are two stocks of the 40 highly-ranked names trading under $10 a share that made it through the screen today… NexTier Oilfield Solutions ( NEX Quick Quote NEX - Free Report) NexTier is a U.S. land oilfield service firm that operates a diverse set of well completion and production services “across the most active and demanding basins.” NexTier boasts that its integrated solutions approach delivers “efficiency today,” while its innovation helps its customers “better address what is coming next.” NexTier shares have soared over 60% in 2022 and it still has more room to climb before it reaches its current Zacks consensus price target. NEX’s top and bottom-line outlook for next year is strong and it’s part of the highly-ranked Oil and Gas - Field Services industry. GoPro ( GPRO Quick Quote GPRO - Free Report) GoPro makes small, mountable cameras that shoot both videos and photos. GPRO’s offerings have grown widely popular within the action sports world, from the ski slopes to mountain bike trails, and beyond. GoPro’s various small high-resolution cameras, which includes the HERO10, are waterproof, with impressive stabilization features. All in all, GoPro cameras are appealing for people taking pictures and videos in situations where their smartphones won’t cut it. GoPro lands a Zacks Rank #1 (Strong Buy) right now, alongside its “A” grade for Growth and “B” for Momentum in our Style Scores system. Zacks estimates call for strong sales and even more impressive adjusted earnings growth both this year and next. And GoPro stock is up over 95% in the past two years. Both stocks offer solid growth potential. Yet, it isn’t wise to pack your portfolio full of cheap, $10 or less stocks. Still, these stocks are certainly worth further investigation because grabbing a few of the top names from this list might bolster your returns. And let’s not forget that picking a few cheap stocks can also be quite fun. Get the rest of the stocks on this list and start screening for the best stocks under $10 for yourself. And don't forget to backtest your strategy so you'll know how successful it's been before you put any of your money at risk. Click here to sign up for a free trial to the Research Wizard today. Want more articles from this author? Scroll up to the top of this article and click the FOLLOW AUTHOR button to get an email each time a new article is published. Disclosure: Officers, directors and/or employees of Zacks Investment Research may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. An affiliated investment advisory firm may own or have sold short securities and/or hold long and/or short positions in options that are mentioned in this material. Disclosure: Performance information for Zacks’ portfolios and strategies are available at: https://www.zacks.com/performance/ .