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Here are the top stocks to own right now, according to UBS

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Boeing Co,Air Products And Chemicals Inc,Norfolk Southern Corp

As August begins, UBS unveiled its top picks, adding three new names to the list from the industrials and materials sectors.

A handful of stocks may be due for some gains, even as the market sells off. On Thursday, the Dow Jones Industrial Average dropped nearly 500 points over fears of a recession. The other major indexes followed suit, with the broad market S & P 500 and the tech-heavy Nasdaq Composite sliding along with it. The sell-off accelerated on Friday after a weak jobs report reinforced investors worst fears.

"In our view, the traditional industrial gas business alone is worth the current market price, providing free optionality on the blue/green hydrogen book," said Nathaniel Gabriel, an equity strategist at UBS. Boeing is one of the industrials names on the list. Shares of the airline maker are down more than 31% this year following heightened regulatory scrutiny after a door plug blew out on an Alaska Airlines Boeing 737 Max 9 flight earlier in 2024.

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