On today’s episode of Full Court Finance here at Zacks, Ben Rains dives into last week’s coronavirus-based selloff that caused the market's worst week since the financial crisis. We then discuss if now might be time for investors to buy tech powers Microsoft (MSFT - Free Report) and Apple (AAPL - Free Report) stock on the dip amid broader economic and market uncertainty.
The Dow, the S&P 500, and the Nasdaq all tumbled into a correction last week at breakneck speeds. Wall Street and investors sold stocks as the coronavirus spreads outside of China into South Korea, Italy, and many other countries around the world.
Stocks suffered their worst week since the financial crisis. The market is likely to remain volatile as the severity and the spread of the novel coronavirus remain unclear. Meanwhile, the CDC has called for U.S. businesses, schools, and people to prepare for the coronavirus to spread domestically.
We know that the Chinese economy, which is the second largest in the world, has been hit hard. The Chinese government has restricted travel and many businesses and factories remain closed. This prompted, Microsoft, Apple, Mastercard (MA - Free Report) , and others to warn investors that the slowdown of the Chinese economy is set to negatively impact their businesses.
With that said, investors might want to think about buying some of these tech giants after the selloff, including the likes of Amazon (AMZN - Free Report) , Facebook (FB - Free Report) , and others. Plus, Apple is currently a Zacks Rank #2 (Buy) and MSFT boasts a Zacks Rank #1 (Strong Buy).
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