Inflation Concerns Spark Market Selloff, Though Nvidia and Global Partners Shine as Strong Buys
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CPI rose 3.5% year-over-year in March, sparking concerns that the Fed may shift plans and implement just 2 rate cuts rather than 3 in 2024. This catalyzed the broader market selloff.
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Nvidia (NVDA) stock was up +2% despite the broader selloff, holding its 50-day moving average. Earnings estimates are rising and price target suggests 7% upside.
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Global Partners (GLP) stock was up +1% as the energy sector outperformed. GLP trades at an attractive 11.4X forward P/E with a 6.26% dividend yield.
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Both NVDA and GLP have Zacks Rank #1 (Strong Buy) ratings currently. GLP earnings estimates rising slightly.
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Buying the dip in NVDA or GLP stocks could pay off given their strong fundamentals and rankings.