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The Zacks Analyst Blog Highlights Amazon, Deckers Outdoor, W.W. Grainger and NVIDIA
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For Immediate Release
Chicago, IL – April 2, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Amazon.com, Inc. (AMZN - Free Report) , Deckers Outdoor Corporation (DECK - Free Report) , W.W. Grainger, Inc. (GWW - Free Report) and NVIDIA Corporation (NVDA - Free Report) .
An out-of-the-ordinary thing happened in the stock market in the first quarter. Wall Street’s fear gauge, better known as the Cboe Volatility Index (VIX), and the broader S&P 500 climbed northward in the period.
Now, VIX is always associated with distress among investors, and the stock market may be bracing for a selloff. However, the S&P 500 hasn’t witnessed a pullback of more than 2% in quite some time and has instead registered its strongest first-quarter gains since 2019.
The VIX has jumped 4.5% since the beginning of the quarter to around 13, which is way below its long-term average of 20. On the other hand, the S&P 500 surged 10.2% during the first three-month period of this year and notched its 22nd record closing high of the year. The index achieved its first 17 record-high close in the first 50 trading sessions of this year, per Bespoke Investment Research.
The S&P 500 also outpaced other major bourses like the Dow and the Nasdaq, which gained 5.6% and 9.1%, respectively. Thus, it can be safely assumed that investors aren’t nervous this time around. Moreover, the VIX gained traction after hitting a closing low in December due to the mean reversion nature of implied volatility.
Nonetheless, the S&P 500’s marvelous rise was driven by AI optimism and expectations that the Federal Reserve will trim interest rates later this year. Tech stocks particularly advanced by leaps and bounds as AI contributed toward countless technological developments. Meanwhile, the Fed assured three interest rate cuts in the second half of 2024, and Chair Jerome Powell was not taken aback by the recent uptick in inflation. The Fed disregarded the jump in February’s PCE index.
Consumer outlays, by the way, picked up last month after a lull at the commencement of the year. In that way, household spending boosted economic growth and helped the stock market scale upward as well. Consumer spending in the United States increased by 0.8% in February, its biggest gain since January 2023.
Hence, with recession worries on the ebb and the S&P 500 moving up, it’s prudent for astute investors to place their bets on solid stocks listed on the index that have not only gained in the first quarter but also are positioned to advance in the near future.
These stocks are Amazon.com, Inc., Deckers Outdoor Corporation, W.W. Grainger, Inc. and NVIDIA Corporation. These stocks carry a Zacks Rank #1 (Strong Buy) or 2 (Buy) and a Growth Score of A or B, a combination that offers the best opportunities in the growth investing space. You can see the complete list of today’s Zacks Rank #1 stocks here.
Amazon is one of the largest e-commerce providers. Amazon currently has a Zacks Rank #2 and a Growth Score of A. The Zacks Consensus Estimate for its current-year earnings has moved up 11.2% over the past 60 days. AMZN’s expected earnings growth rate for the current year is 40.7%.
Deckers Outdoor is a leading producer and brand manager of innovative, niche footwear. Deckers Outdoor currently has a Zacks Rank #1 and a Growth Score of A. The Zacks Consensus Estimate for its current-year earnings has moved up 12.4% over the past 60 days. DECK’s expected earnings growth rate for the current year is 38.7%.
W.W. Grainger is a business-to-business distributor of maintenance, repair, and operating products and services. W.W. Grainger currently has a Zacks Rank #2 and a Growth Score of B. The Zacks Consensus Estimate for its current-year earnings has moved up 1.7% over the past 60 days. GWW’s expected earnings growth rate for the current year is 7.1%.
NVIDIA is the worldwide leader in visual computing technologies. NVIDIA currently has a Zacks Rank #1 and a Growth Score of B. The Zacks Consensus Estimate for its current-year earnings has moved up 19.5% over the past 60 days. NVDA’s expected earnings growth rate for the current year is 84%.
Shares of Amazon, Deckers Outdoor, W.W. Grainger and NVIDIA have soared 18.7%, 40.8%, 22.8% and 82.5%, respectively, so far this year.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights Amazon, Deckers Outdoor, W.W. Grainger and NVIDIA
For Immediate Release
Chicago, IL – April 2, 2024 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Amazon.com, Inc. (AMZN - Free Report) , Deckers Outdoor Corporation (DECK - Free Report) , W.W. Grainger, Inc. (GWW - Free Report) and NVIDIA Corporation (NVDA - Free Report) .
Here are highlights from Monday’s Analyst Blog:
Snub VIX’s Climb, Focus on S&P 500’s Striking Rise: 4 Picks
An out-of-the-ordinary thing happened in the stock market in the first quarter. Wall Street’s fear gauge, better known as the Cboe Volatility Index (VIX), and the broader S&P 500 climbed northward in the period.
Now, VIX is always associated with distress among investors, and the stock market may be bracing for a selloff. However, the S&P 500 hasn’t witnessed a pullback of more than 2% in quite some time and has instead registered its strongest first-quarter gains since 2019.
The VIX has jumped 4.5% since the beginning of the quarter to around 13, which is way below its long-term average of 20. On the other hand, the S&P 500 surged 10.2% during the first three-month period of this year and notched its 22nd record closing high of the year. The index achieved its first 17 record-high close in the first 50 trading sessions of this year, per Bespoke Investment Research.
The S&P 500 also outpaced other major bourses like the Dow and the Nasdaq, which gained 5.6% and 9.1%, respectively. Thus, it can be safely assumed that investors aren’t nervous this time around. Moreover, the VIX gained traction after hitting a closing low in December due to the mean reversion nature of implied volatility.
Nonetheless, the S&P 500’s marvelous rise was driven by AI optimism and expectations that the Federal Reserve will trim interest rates later this year. Tech stocks particularly advanced by leaps and bounds as AI contributed toward countless technological developments. Meanwhile, the Fed assured three interest rate cuts in the second half of 2024, and Chair Jerome Powell was not taken aback by the recent uptick in inflation. The Fed disregarded the jump in February’s PCE index.
Consumer outlays, by the way, picked up last month after a lull at the commencement of the year. In that way, household spending boosted economic growth and helped the stock market scale upward as well. Consumer spending in the United States increased by 0.8% in February, its biggest gain since January 2023.
Hence, with recession worries on the ebb and the S&P 500 moving up, it’s prudent for astute investors to place their bets on solid stocks listed on the index that have not only gained in the first quarter but also are positioned to advance in the near future.
These stocks are Amazon.com, Inc., Deckers Outdoor Corporation, W.W. Grainger, Inc. and NVIDIA Corporation. These stocks carry a Zacks Rank #1 (Strong Buy) or 2 (Buy) and a Growth Score of A or B, a combination that offers the best opportunities in the growth investing space. You can see the complete list of today’s Zacks Rank #1 stocks here.
Amazon is one of the largest e-commerce providers. Amazon currently has a Zacks Rank #2 and a Growth Score of A. The Zacks Consensus Estimate for its current-year earnings has moved up 11.2% over the past 60 days. AMZN’s expected earnings growth rate for the current year is 40.7%.
Deckers Outdoor is a leading producer and brand manager of innovative, niche footwear. Deckers Outdoor currently has a Zacks Rank #1 and a Growth Score of A. The Zacks Consensus Estimate for its current-year earnings has moved up 12.4% over the past 60 days. DECK’s expected earnings growth rate for the current year is 38.7%.
W.W. Grainger is a business-to-business distributor of maintenance, repair, and operating products and services. W.W. Grainger currently has a Zacks Rank #2 and a Growth Score of B. The Zacks Consensus Estimate for its current-year earnings has moved up 1.7% over the past 60 days. GWW’s expected earnings growth rate for the current year is 7.1%.
NVIDIA is the worldwide leader in visual computing technologies. NVIDIA currently has a Zacks Rank #1 and a Growth Score of B. The Zacks Consensus Estimate for its current-year earnings has moved up 19.5% over the past 60 days. NVDA’s expected earnings growth rate for the current year is 84%.
Shares of Amazon, Deckers Outdoor, W.W. Grainger and NVIDIA have soared 18.7%, 40.8%, 22.8% and 82.5%, respectively, so far this year.
Why Haven’t You Looked at Zacks' Top Stocks?
Since 2000, our top stock-picking strategies have blown away the S&P's +7.0 average gain per year. Amazingly, they soared with average gains of +44.9%, +48.4% and +55.2% per year.
Today you can access their live picks without cost or obligation.
See Stocks Free >>
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.