Recent market turbulence has unearthed some bargain prices for momentum stocks, according to Wells Fargo. The major averages have sought to make a comeback following a vicious global sell-off on Monday that was powered by worries over the U.S. economy and the unwinding of the yen carry trade. Dip buyers stepped in on Thursday, lifting the S & P 500 to its best session since November 2022. Wells Fargo analyst Christopher Harvey remains cautious on the broader market, however.
mountain Nvidia stock. Nvidia will report second-quarter results in late August. Harvey also listed Meta as a potential bargain-buying candidate. Shares of the Facebook-parent company have gained roughly 45% in 2024, but have slumped 3% over the past month. The social media firm surpassed Wall Street's estimates on the top and bottom lines in the second quarter, buoyed largely by a rise in advertising revenue. Meta also forecast third-quarter revenue in the range of $38.
mountain Meta Platforms stock. Eli Lilly has climbed 53% in 2024, but is down roughly 8% over the past month. Lilly, the maker of weight loss and diabetes drugs Zepbound and Mounjaro, trounced analysts' estimates in the second quarter and raised its full-year revenue guidance. Other stocks on the list include streaming giant Netflix and ride-sharing provider Uber .
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