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Ride out future market and economic volatility with these all-weather stocks, Bank of America says

Chaim Potok by Chaim Potok
August 20, 2024
in Investing
Ride out future market and economic volatility with these all-weather stocks, Bank of America says
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Investors may want to keep a special eye on a group of 15 stocks to ride out any future market volatility, according to Bank of America. The firm outlined its favorite “all-weather” stock picks that fared well in both value and growth environments and have outperformed the S & P 500 this year and over the past three, five and 10 years. The stock recommendations from Bank of America come on the heels of a turbulent period for Wall Street after a weak July jobs report sparked a global sell-off earlier this month and worries mounted that the Federal Reserve was behind the curve on rate cuts. Stocks have since bounced back, with the S & P and Nasdaq both extending their longest win streaks since 2023 on Monday. To find its all-weather picks, Bank of America screened for stocks that its analyst rate a buy, and that have “balanced value & growth exposure.” Here are some of the names that made the cut: Bank of America included Costco Wholesale among its picks for fair weather or storms. Shares of the warehouse membership retailer have rallied nearly 33% since the start of the year, with shares up more than 6% just since the start of August. Earlier this month, Costco posted strong net sales for July. Sales came in at $19.26 billion for the month, growing 7.1% year over year. Bank of America also included three industrial stocks in its all-weather stock list. They included Parker Hannifin , up more than 26% since the start of the year. Shares have gained more than 3% this month on the back of stronger-than-expected earnings in its fiscal fourth quarter. The company also issued robust forward guidance. PH YTD mountain Shares this year Analog Devices was also recommended by BofA, with the semiconductor stock on deck to report earnings Wednesday. Shares have gained almost 13% since the start of the year. O’Reilly Automotive and Vertex Pharmaceuticals were included in the Bank of America screen. Progressive Corporation was the best-performing stock on the list, with shares up 50% this year.

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