Wells Fargo says the recent market turmoil has uncovered some bargains in momentum stocks. Major stock indexes are seeking recovery after Monday’s intense global sell-off, buoyed by concerns about the U.S. economy and the unwinding of the yen carry trade. Bargain buying came in on Thursday, pushing the S&P 500 to its highest since November 2022. But Wells Fargo analyst Christopher Harvey remains cautious on the market as a whole. He suggests investors “buy stocks, not the stock market.” Individual stocks that have become cheap in the market crash (including high-flying Meta Platforms) could be primed for buying. “The events of this week, the traditional pre-Fed price action, and the lack of catalysts keep us cautious, so it’s hard to slam the table and recommend buying the dips now,” Harvey wrote on Friday. “But we do see opportunities to select. For example, we think the 9% pullback in the communications services sector, which we rate as overweight, is an attractive entry point.” Here’s a closer look at the stocks Wells Fargo is watching given the recent market volatility. Nvidia is up an astounding 110% in 2024. The stock has fallen about 20% in the past month as investors worried about the artificial intelligence boom and when it will pay off. Harvey isn’t the only one to assess that Nvidia’s pullback could be a buying opportunity for investors. Jefferies analyst Blaine Curtis said concerns about AI chip delays won’t change the firm’s view on Nvidia. “We understand that issues like this are common, but the only difference is the level of scrutiny at every step of the supply chain,” Curtis wrote. NVDA’s Nvidia shares hit high so far this year. Nvidia will report its second-quarter earnings in late August. Harvey also named Meta as a cheap buy candidate. Shares of Facebook’s parent company have risen about 45% in 2024 but are down 3% in the past month. The social media company beat Wall Street expectations for second-quarter sales and profits, mainly helped by rising advertising revenue. Meta also forecast third-quarter sales in the range of $38.5 billion to $41 billion, beating the $39.1 billion expected by analysts surveyed by LSEG. Meta Platforms’ year-to-date mountain. Eli Lilly has risen 53% in 2024 but is down about 8% in the past month. Lilly, which makes weight-loss and diabetes drugs Zepbound and Mounjaro, has significantly beaten analysts’ expectations in the second quarter and raised its full-year sales guidance. Other stocks on the list include video streaming giant Netflix and ride-sharing provider Uber.
Wells Fargo says right now is the time to buy stocks, not the stock market. Here’s its list of bargains
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