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After a solid first quarter, Wall Street lost its sheen in the past couple of weeks on inflation worries and escalation in geopolitical tensions. The S&P 500 broke below the 5,100 level after capping the worst week since October 2023. All 11 major sectors in the S&P 500 closed in negative territory last week for the first time since September 2023.
Meanwhile, the Dow Jones suffered its biggest weekly percentage loss since March 2023, shedding 2.5%, while the Nasdaq Composite Index declined 0.6%. While many stocks have been hit badly over the past week, a few of them, with a solid Zacks Rank #1 (Strong Buy) or #2 (Buy) and a VGM Score of B or better, offer a good entry point. These are Globe Life Inc. (GL - Free Report) , Dell Technologies (DELL - Free Report) , Dream Finders Homes Inc. (DFH - Free Report) , Flywire Corporation (FLYW - Free Report) and Iqiyi Inc. (IQ - Free Report) . You can see the complete list of today’s Zacks #1 Rank stocks here.
Iran launched a barrage of missiles and drones on Israel over the weekend, heightening fears of a wider conflict in the Middle East. The conflict will lead to a spike in oil prices, which could flare up inflation, leading the Fed to go slow on rate cuts. Additionally, the bouts of upbeat economic data point to a stronger economy, dialing back expectations for rate cuts in the first half of this year.
Retail sales increased more than expected and consumer prices accelerated at a faster-than-expected pace in March, pushing inflation higher and dashing hopes that the Fed will be able to cut interest rates anytime soon. This has outlined the case for longer-than-expected higher rates.
Major bank earnings failed to impress Wall Street, leading to a broad decline in major bank shares last week. The three major banks — JPMorgan Chase & Co, Citigroup and Wells Fargo — disappointed investors. JPMorgan’s net interest income came in below analysts' expectations. Wells Fargo reported a 7% drop in profits, following a decline in net interest income caused by poor borrowing demand, while Citigroup experienced a loss following expenses on employee termination and deposit insurance.
Stocks to Buy
Globe Life (formerly known as Torchmark Corporation) is an insurance holding company for a group of insurance companies that primarily market individual life and supplemental health insurance to lower-middle to middle-income households throughout the United States. The stock has plunged 45.5% in the past week. Globe Life has an estimated earnings growth rate of 8.92% for this year and a Zacks Rank #2. It has a VGM Score of B.
Dell Technologies is a leading provider of servers, storage and PCs. It offers secure, integrated solutions that extend from the edge to the core to the cloud. The stock has lost about 11% in a week. Dell Technologies has an estimated growth rate of 7.15% for the fiscal year (ending Jan 2025). It currently has a Zacks Rank #1 and a VGM Score of A.
Dream Finders is a homebuilding company that operates principally in Florida, Texas, North Carolina, South Carolina, Georgia, Colorado, Virginia and Maryland. Its shares are down about 10% in a week. Dream Finders has an expected earnings growth rate of 23.66% for this year. It has a Zacks Rank #1 and a VGM Score of A.
Flywire Corporation is a payments enablement and software company. It combines its proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for its clients and their customers. The stock has shed about 8.7% in a week. It has an estimated earnings growth rate of 171.4% for this year. FLYW has a Zacks Rank #2 and a VGM Score of B.
Iqiyi provides an online entertainment service. It offers movies, television dramas, variety shows and other video content. The stock has lost about 8% in a week. It has an estimated earnings growth rate of 14.6% for this year. Iqiyi has a Zacks Rank #2 at present and a VGM Score of A.
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5 Top-Ranked Large-Cap Stocks to Buy Cheap
After a solid first quarter, Wall Street lost its sheen in the past couple of weeks on inflation worries and escalation in geopolitical tensions. The S&P 500 broke below the 5,100 level after capping the worst week since October 2023. All 11 major sectors in the S&P 500 closed in negative territory last week for the first time since September 2023.
Meanwhile, the Dow Jones suffered its biggest weekly percentage loss since March 2023, shedding 2.5%, while the Nasdaq Composite Index declined 0.6%. While many stocks have been hit badly over the past week, a few of them, with a solid Zacks Rank #1 (Strong Buy) or #2 (Buy) and a VGM Score of B or better, offer a good entry point. These are Globe Life Inc. (GL - Free Report) , Dell Technologies (DELL - Free Report) , Dream Finders Homes Inc. (DFH - Free Report) , Flywire Corporation (FLYW - Free Report) and Iqiyi Inc. (IQ - Free Report) . You can see the complete list of today’s Zacks #1 Rank stocks here.
Iran launched a barrage of missiles and drones on Israel over the weekend, heightening fears of a wider conflict in the Middle East. The conflict will lead to a spike in oil prices, which could flare up inflation, leading the Fed to go slow on rate cuts. Additionally, the bouts of upbeat economic data point to a stronger economy, dialing back expectations for rate cuts in the first half of this year.
Retail sales increased more than expected and consumer prices accelerated at a faster-than-expected pace in March, pushing inflation higher and dashing hopes that the Fed will be able to cut interest rates anytime soon. This has outlined the case for longer-than-expected higher rates.
Major bank earnings failed to impress Wall Street, leading to a broad decline in major bank shares last week. The three major banks — JPMorgan Chase & Co, Citigroup and Wells Fargo — disappointed investors. JPMorgan’s net interest income came in below analysts' expectations. Wells Fargo reported a 7% drop in profits, following a decline in net interest income caused by poor borrowing demand, while Citigroup experienced a loss following expenses on employee termination and deposit insurance.
Stocks to Buy
Globe Life (formerly known as Torchmark Corporation) is an insurance holding company for a group of insurance companies that primarily market individual life and supplemental health insurance to lower-middle to middle-income households throughout the United States. The stock has plunged 45.5% in the past week. Globe Life has an estimated earnings growth rate of 8.92% for this year and a Zacks Rank #2. It has a VGM Score of B.
Dell Technologies is a leading provider of servers, storage and PCs. It offers secure, integrated solutions that extend from the edge to the core to the cloud. The stock has lost about 11% in a week. Dell Technologies has an estimated growth rate of 7.15% for the fiscal year (ending Jan 2025). It currently has a Zacks Rank #1 and a VGM Score of A.
Dream Finders is a homebuilding company that operates principally in Florida, Texas, North Carolina, South Carolina, Georgia, Colorado, Virginia and Maryland. Its shares are down about 10% in a week. Dream Finders has an expected earnings growth rate of 23.66% for this year. It has a Zacks Rank #1 and a VGM Score of A.
Flywire Corporation is a payments enablement and software company. It combines its proprietary global payments network, next-gen payments platform and vertical-specific software to deliver the most important and complex payments for its clients and their customers. The stock has shed about 8.7% in a week. It has an estimated earnings growth rate of 171.4% for this year. FLYW has a Zacks Rank #2 and a VGM Score of B.
Iqiyi provides an online entertainment service. It offers movies, television dramas, variety shows and other video content. The stock has lost about 8% in a week. It has an estimated earnings growth rate of 14.6% for this year. Iqiyi has a Zacks Rank #2 at present and a VGM Score of A.