From Nasdaq: 2024-08-07 05:20:00

Zacks.com features stocks and ETFs in their Analyst Blog, discussing market news impacting financial markets. Recent blog highlights include SPDR S&P 500 ETF (SPY), Apple Inc. (AAPL), and Micron Technology, Inc. (MU).

Wall Street faced setbacks due to weakening labor market, manufacturing activity, and yen rise causing market meltdown. S&P 500 registered a 6.1% decline over three days, its largest drop since June 2022.

Investors should not shun equities during market chaos, as historically, S&P 500 rebounds after consecutive falls. Fed expected to cut rates, service economy expanding, and fear gauge high but buying opportunities exist.

Service sector expansion nullifies recession fears, as ISM non-manufacturing PMI rises in July. Fed Chair hints at rate cut amidst slowing price pressures. Market expects 50 bps cut in September, boosting consumer spending and economic growth prospects.

Apple and Micron Technology remain strong buys amidst market turbulence. Interest rate cuts and growth in AI technology favor these stocks. Apple’s discounts in China and Micron’s DRAM demand revival make them attractive buys at discounted prices.

Apple shares down, but expected earnings growth of 8.2% and 8.3%. Micron shares dip, with expected earnings growth of 200.9% and 126.1%. Both stocks have Zacks Rank of #2 and strong growth scores, with upside potential according to brokerage firms.

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Read more at Nasdaq: The Zacks Analyst Blog SPY, Apple and Micron Technology