Buy these 3 blue chip tech stocks with the market at new highs?
Today’s episode of Full Court Finance at Zacks quickly dives into the larger market and where things are starting November. The focus is then on three top tech stocks to consider buying as stocks hit new highs thanks to strong earnings, resilient US consumers, and more.
The three major US indices broke records in October during a month of resurgence for equities. The tech-rich Nasdaq climbed 9% last month, the S&P 500 jumped more than 7% and the Dow Jones around 6%. The three then hit new highs on Monday to begin November trading.
The forward-looking market ignored slow third-quarter GDP growth and other concerns in favor of the positives. Improving earnings includes everyone from tech giants to Ford F. Margin prospects for the S&P 500 also remain strong for 2022 and beyond, despite rising prices and chain bottlenecks. supply chain (also read: even big tech have supply chain problems).
Additionally, the consumer-driven US economy showed signs of a comeback in the first month of the fourth quarter, from hotel occupancy to restaurants. And consumer confidence rose in October, after three months of decline, which is a good sign for the economy as we enter the heart of the holiday shopping season.
Wall Street will also continue to seek returns on equities for the foreseeable future, even when the Fed finally begins to raise its key rate. Therefore, investors with a long-term outlook might consider buying strong stocks that they plan to hold for a while, although the market may face short-term selling pressure after the strong advance. October pushed things to overheated technical levels.
The first stock is Microsoft MSFT. The historic tech company continues to benefit from the expanding market for cloud computing. MSFT topped our Q1 estimates last week and topped Apple AAPL as the world’s most valuable company after it ramped up after release.
Salesforce CRM stocks have reached new highs and its growing portfolio of work-oriented software offerings helps it stand out in a crowded but vital industry. Last up is a creative and commercial software powerhouse Adobe ADBE. The company has experienced impressive and steady growth selling software that is difficult to duplicate and replace.
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Ford Motor Company (F): Free Inventory Analysis Report
Apple Inc. (AAPL): Free Stock Analysis Report
Microsoft Corporation (MSFT): Free Stock Analysis Report
salesforce.com, inc. (CRM): Free stock analysis report
Adobe Inc. (ADBE): Free Stock Analysis Report
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