Published on 3 May 2022 on Zacks via Yahoo Finance
2 Cheap Stocks to Buy in May for Long-Term Growth
Today’s episode of Full Court Finance at Zacks dives into the broader market after stocks suffered a brutal April. The selloff pushed the S&P 500 and the Nasdaq right near new 52-week lows, while some strong growth names and established companies are trading below their pre-covid highs. The episode then focuses on two retail stocks, Yeti (YETI) and Sonos (SONO), that are starting to look rather cheap and might be worth buying.
Market bears quickly squashed the bounce last Thursday to close April on a dismal note. The S&P 500 fell nearly 8% last month, for its worst showing since the initial covid selloff in March 2020. Meanwhile, the tech-heavy Nasdaq tumbled over 13%, for its largest monthly decline since October 2008, as Wall Street recalibrates growth stocks that are sensitive to higher interest rates.
The S&P 500 is trading 15% below its records, with the Nasdaq down roughly 24%. The wave of selling has seen even the largest names on the planet such as Amazon fall over 10% in one session. The downturn, coupled with soaring prices and rising interest rates has many investors selling or moving to the sidelines. The sweeping covid lockdowns in China and the ongoing Russian invasion of Ukraine only add to the fears and unknowns.