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A slow macroeconomic news day resulted in one of the lowest-volume sessions of 2022, though a few individual equities endured more than their fair share of volatility.
The S&P 500, which finished with a small gain Wednesday, posted the index’s smallest intraday range for the year, according to Michael Reinking, senior market strategist for the New York Stock Exchange. “That bit of stability is welcome after the violent reversal seen during yesterday’s session, which saw the early 1% gain in the S&P 500 turn into a 2% loss when all was said and done.”
Not so for the energy sector (-3.5%), where recent whipsawing continued. U.S. crude oil futures declined 1.8% to $109.78 per barrel as traders waited for news from the Organization of the Petroleum Exporting Countries and their allies (together, OPEC+), which are meeting today and tomorrow. That clipped oil and gas stocks including Devon Energy (DVN, -6.1%) and APA (APA, -6.9%).
A few individual stocks hit the mat even harder. Bed Bath & Beyond (BBBY) fell 23.6% after announcing that quarterly revenues had plunged by 25% to a worse-than-expected $1.46 billion, and that same-store sales (revenues earned in stores open at least 12 months) were off by 24%. And worse âthe ship just lost its captain, as BBBY said CEO Mark Tritton has left the company.
Another firm in troubled waters is Carnival (CCL, -14.1%), which dragged down the entire cruise line industry Wednesday after a price-target cut from Morgan Stanley. Analyst Jamie Rollo now sees the stock going to $7 per share (-32% from yesterday’s closing price), with a worst-case scenario in which a global downturn sends the stock to zero.
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“If there is a demand shock that causes trip cancellations or weak bookings ⦠liquidity could quickly shrink,” he says.
Industrymates Royal Caribbean (RCL, -10.3%) and Norwegian Cruise Line Holdings (NCLH, -9.3%) swooned in sympathy.
The major indexes didn’t move much, however. The Dow Jones Industrial Average improved by 0.3% to 31,029, while the S&P 500 and Nasdaq Composite slipped marginally to 3,818 and 11,177, respectively.
YCharts
Other news in the stock market today:
How low will the market go, and when will it hit its nadir? While there’s no crystal ball that has the exact answer to either of these questions, Dan Wantrobski, technical strategist and associate director of research at Janney Montgomery Scott, is happy to project a possible bottom, but he stresses that’s not the point.
“We still believe the U.S. equity markets are entering the bottoming process of a correction cycle that began well over a year ago,” says Dan Wantrobski, technical strategist and associate director of research at Janney Montgomery Scott. “There is still likely more volatility to come, and within such a framework, we continue to believe the 3,100-3,200 range is a distinct possibility for the S&P 500 in the weeks ahead (before a final low is confirmed).”
However, he says the goal here shouldn’t be to trade these markets on a short-term basis or try to pinpoint an exact bottom. “Rather, it should be to take advantage of significant multiple compression in valuations relative to the long-term growth prospects for the U.S. When viewed from this lens, we believe those investors with longer-term horizons can start to put some money to work in the current environment.” As in, now.
Thus, keep an eye on values. Kiplinger columnist James A. Glassman recently disclosed his own wish list of stocks to buy while they’re down. But the general thrust for investors right now is, if it’s high-quality and bargain-priced, now might be the time to bite â as long as you’re patient. Keep that in mind as you explore these 15 value stocks that seem ripe for a renaissance.
May’s final session was a fitting one for a wild month, with the major indexes swinging up and down Tuesday before closing in the red.
Over the Memorial Day weekend, Federal Reserve Governor Christopher Waller said during a speech in Germany that he expects 50-basis-point interest-rate increases to continue into the later part of the year â a departure from previous dovish statements from Fed members suggesting hikes of that magnitude would be limited to the next two summer meetings.
That sent bond yields spiking Tuesday, with the 10-year Treasury yield reaching as high as 2.88%.
“It is really too bad that the Fed can’t learn to speak with one voice on this,” says Dean Smith, portfolio manager and chief strategist of investment technology platform FolioBeyond. “The constant seesaw from hawkish to dovish is increasing uncertainty in the market and in the economy. The ‘buy-the-dip’ mentality that has been nurtured in a generation of investors is being supported and encouraged by these carelessly dovish Fed speakers. In the end, all it does is make their job harder.”
Also Tuesday, the Federal Reserve’s preferred gauge of inflation â the core personal consumption expenditures (PCE) price index â rose by 4.9% year-over-year and 0.34% month-over-month, which was more than expected.
“The April increase represents the third month of more muted, but still solid, increases,” UBS analysts note.
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The consumer discretionary (+0.5%) and communication services (-0.1%) sectors were the best performers in a largely down day. That was largely thanks to Amazon.com (AMZN, +4.4%), whose shareholders on Friday approved a 20-for-1 AMZN stock split set to take effect June 6; that lifted spirits at Alphabet (GOOGL, +1.3%), which intends on executing its own 20-for-1 GOOGL/GOOG stock split in July. (Indeed, 2022 is shaping up to be quite a busy year for stock splits.)
That helped the Nasdaq Composite deliver the smallest loss among the major indexes Tuesday: a 0.4% decline to 12,081. However, the tech-heavy index posted a 2.1% decline for the entire month. The S&P 500 (-0.6% to 4,132) finished May marginally higher, however, as did the Dow Jones Industrial Average (-0.7% to 32,990).
YCharts
Other news in the stock market today:
A few cracks are starting to show in the American economic engine. Wealth management firm Glenmede’s Jason Pride and Michael Reynolds say that several U.S. leading indicators are signaling slowing growth.
“Last week, the Flash Composite PMI, which tracks the manufacturing and services sectors, fell,” they say. “The latest round of retail earnings reflects slowing demand as consumers grapple with higher costs and pivot their spending from goods to services. The housing market is starting to show signs of softening as sales of newly built homes fell 16.6% in April from March (rising mortgage rates are reducing buyer demand).”
This has Glenmede’s recession model projecting a 10% probability of recession within the next 12 months, up from 0% projections to start the year.
That’s the kind of environment that, unlike the year-plus of rip-roaring gains out of the COVID bottom, necessitates selectivity â every stock pick isn’t just going to stick to the wall, so to speak. Defensively minded investors, for instance, will want to focus on stocks that seem best positioned to perform in bear markets. Dip-buyers will need to make a distinction between “cheap” and “undervalued” â the latter you’re likely to find in these high-growth-potential stocks boasting low prices.
And on the whole, it pays to invest in the best of the best. These 10 S&P 500 stocks, for instance, represent the best the index has to offer right now, in the eyes of Wall Street’s analyst community. Each of them is teeming with bullish pros who believe they have anywhere between 20% to 110% upside over the next year.
Chinese stocks, especially in technology and tech-esque industries, have been under unprecedented pressure over the past year thanks to intense regulatory crackdowns, as well as increasing COVID cases leading to strict lockdowns.
The result has been precipitous downturns for Chinese technology stocks such as Alibaba (BABA), Baidu (BIDU) and JD.com (JD), which are off 61%, 38% and 31%, respectively, over the past year.
And yet â¦
If you’re a nimble investor and looking for stocks to buy, these and other Chinese stocks might be worth a look, given their high marks from Wall Street’s analyst community. A combination of dirt-cheap valuations and recovering business prospects has many pros looking at China as a source of bounce-back potential, even if only for short bursts at a time.
For instance, China’s Vice-Premier Liu He recently pledged support for his country’s technology sector, but Trivium China tech analyst Linghao Bao tells CNBC that this likely signals a temporary reprieve, not a sea change in China’s stance toward technology. “This is a really not a U-turn on the tech crackdown; the long-term outlook hasn’t changed yet,” he says. “Because Beijing has already come to the conclusion that it is a bad idea to let big tech companies to run wild because it creates unfair market competition ⦠wealth will be concentrated at the top and it will start to influence politics.”
Even then, Chinese stocks still face myriad other issues. “While an easing regulatory and policy environment offers Chinese tech stocks a reprieve, significant hurdles will limit their potential further upside,” says BCA Research. “Domestic consumption remains weak, the housing market is sluggish, the online retail sector is saturated and Chinese stocks continue to face the risk of being delisted from foreign exchanges.”
A long way of saying: Chinese stocks look like a high-risk (but possibly high-reward) bet in the short term. But if you want to take a swing, you can improve your chances by listening to what the pros have to say. We’ve used the TipRanks database to look for Chinese shares with tech- and tech-esque businesses that have earned Moderate Buy or Strong Buy ratings.
Here, then, are five Chinese stocks that might be worth a closer look.
Data is as of May 25. Stocks are listed in reverse order of the amount of upside potential implied by TipRanks-surveyed analysts’ consensus price targets.