10 Best Stocks to Buy Right Now: February 2024 (2024)

Observing the current trends in the stock market has been challenging. The Federal Reserve is making moves to curb high inflation rates, and many financial experts concur that an economic downturn could be on the horizon.

Unsurprisingly, these developments have affected the market. Notable indices like the S&P 500, the Dow Jones Industrial Average, and the Nasdaq composite have experienced significant downturns.

In situations like this, it can be daunting to determine which stocks to invest in, if at all. Yet, even in an environment that feels like navigating through turbulent waters, there are promising opportunities to seize.

Top 10 Stocks to Invest In Now: February 2024

When the bears take hold of the market, it’s easy to second-guess your investment decisions and difficult to find anything you’d be interested in piling your money into. However, no matter how red the market is, there’s always a glimmer of green.

Where are those glimmers now?

The top stocks to buy now are large companies with a massive economic moat — a competitive advantage that keeps competitors from chipping away at them. Many of these are non-cyclical plays that offer strong dividends.

And there are a few cyclical gems that risk-tolerant investors may want to dive into for a discount on gains that seem all but guaranteed in the future.

Here are some ideas for the best stocks to consider buying right now. There’s a little something for every kind of investor.

  • Amazon.com, Inc. (NASDAQ: AMZN)
  • Alphabet Inc. (NASDAQ: GOOGL)
  • Meta Platforms Inc (NASDAQ: META)
  • ASML Holding NV (NASDAQ: ASML)
  • Tesla: (NASDAQ: TSLA)
  • Apple: (NASDAQ: AAPL)
  • Duke Energy Corp (NYSE: DUK)
  • Microsoft Corp (NASDAQ: MSFT)
  • NVIDIA: (NASDAQ: NVDA)

TIP: For more ideas, check out our list of the best stock picking services, including The Motley Fool Stock Advisor.

1. Amazon.com, Inc. (NASDAQ: AMZN)

🏆 Best for Risk-Tolerant Investors

  • Dividend Yield: 0.00%
  • Price-to-Earnings Ratio (P/E ratio): 60.56
  • Market Cap: $1.818T
  • Tech stocks like Amazon are likely the last pick you’d expect to find on this list. The company operates in a highly cyclical industry and has given up about a third of its value this year alone.

    There’s no question that some AMZN investors are frustrated beyond words at this point, but that’s often the best time to buy.

    Amazon is an e-commerce giant with a clear ability to weather economic storms. The company’s share price didn’t even flinch in the face of the COVID-19 pandemic, likely because it benefited greatly from stay-at-home orders and store closures.

    That’s not the first crisis the company has faced. Although it had its ups and downs, the company’s strong fundamentals carried it through the dot-com bubble burst and the Great Recession. And though the stock may be trading down at the moment, that trend isn’t likely to last forever.

    If history is any indication, the company will be sailing toward all-time highs again in no time flat.

    The company also has the potential to bounce back to greatness as fears settle. Throughout the majority of its existence, Amazon has focused on razor-slim margins in the e-commerce space.

    However, its newer Amazon Web Services (AWS) cloud computing offering is anything but a thin-margin offering. Margins on the AWS business are so big that they’re pushing the company’s average margins to the roof.

    All told Amazon does face some economy-related headwinds ahead, but it’s nothing the company hasn’t already proven to be perfectly capable of handling.

    If you’re risk-tolerant enough to hold on through what may be a short-term rough patch and wise enough to dollar-cost average in the bear market, AMZN is a stock that’s worth your consideration.

    2. Alphabet Inc (NASDAQ: GOOGL)

  • Dividend Yield: 0.00%
  • Price-to-Earnings Ratio (P/E ratio): 24.8
  • Market Cap: $1.79T
  • Alphabet Inc., the parent company of Google, emerges as the option for investors who want long-term growth and innovation.

    While not offering a dividend yield, Alphabet compensates with its dominant presence across different tech sectors.

    Alphabet’s diverse portfolio is ever-expanding as they have expanded into areas such as artificial intelligence and autonomous vehicles with Waymo.

    Over the years, GOOGL has stood strong in the market and has continued to rise despite the 2008-2008 recession and the COVID-19 pandemic. This makes GOOGL a solid choice for steady, long-term growth.

    3. Meta Platforms Inc (NASDAQ: META)

    🏆 Best for Growth Investors

  • Dividend Yield: 0.10%
  • Price-to-Earnings Ratio (P/E ratio): 32.49
  • Market Cap: $1.234T
  • Meta Platforms, formerly Facebook, is a favorite on Wall Street; it’s one of the most commonly found stocks in ETF portfolios. However, the past year has been a tough time. Although that may send most investors running for the hills, it’s actually an opportunity.

    Meta is a growth stock by just about any definition. The company has had solid revenue growth for years, and earnings per share (EPS) growth was impressive. Moreover, the stock was known for tremendous price appreciation until the rug was pulled from the tech sector, as inflation concerns set in earlier this year.

    Sure, there are a few short-term headwinds to consider, including:

    • Weak E-Commerce Spending. As prices rise and recession fears mount, e-commerce and consumer spending will likely fall, which could weigh on the company’s advertising revenue.
    • Transition to the Metaverse. Meta recently changed its name from Facebook in an effort to rebrand the company as the center of all things metaverse. This transition may come with some growing pains in the near future.
    • Economic Headwinds. Many experts are warning of a potential recession, which could eat into the company’s revenue and profitability in the short term.

    Even with these headwinds, Meta offers a unique opportunity to tap into a stock that has historically outperformed the market in a big way but to do so at a steep discount to the current market value.

    4. H&R Block Inc (NYSE: HRB)

    🏆 Best for Value Investors

  • Dividend Yield: 2.48%
  • Price-to-Earnings Ratio (P/E ratio): 13.55
  • Market Cap: $6.853B
  • H&R Block is a household name that offers do-it-yourself tax services as well as full-service tax professionals. It’s also one of the most appealing value stocks on the market.

    HRB stock has significant appeal in the current economic times.

    All people eat, sleep, and pay taxes. Increasing interest rates and dwindling consumer spending may have a negative impact on other businesses, but people still have to file their taxes regardless of the state of the economy. HRB’s business model fares well even if a recession were to set in.

    While other companies are looking for ways to cut costs headed into a recession, HRB is working on revamping its small-business product to increase profitability.

    If that’s not enough for you, the company even provides a nice, thick layer of icing on the cake with a respectable dividend yield.

    5. ASML Holding NV (NASDAQ: ASML)

    🏆 Best for Banking on the Microchip Shortage

  • Dividend Yield: 0.70%
  • Price-to-Earnings Ratio (P/E ratio): 43.37
  • Market Cap: $370.477B
  • ASML Holdings enjoys a monopoly on the extreme ultraviolet (EUV) lithography machines needed to make the tiny patterns you find on microchips. They’re not just aesthetically pleasing, either. The smaller and more complex these patterns, the more data a chip is capable of processing.

    Even with a potential recession looming, analysts are forecasting significant growth in earnings through the rest of 2023 and 2024.

    The bottom line is simple. ASML holds a global monopoly on a tool used to create an in-demand product in a global supply shortage. Its tools are used to create the microchips auto manufacturers, medical device manufacturers, and tech companies can’t seem to get enough of.

    Not to mention, recent declines in the stock have brought the share price to a more than reasonable valuation.

    6. Tesla (NASDAQ: TSLA)

    🏆 Best for Visionary Investors

  • Dividend Yield: 0.00%
  • Price-to-Earnings Ratio (P/E ratio): 44.61
  • Market Cap: $611.384B
  • Perfect for investors looking to support sustainable energy resources, Tesla Inc. is a captivating option.

    While not offering a dividend yield, Tesla compensates with its forward-thinking innovations in electric vehicles, renewable energy, and cutting-edge technology. Over the last five years, TSLA has exploded in growth and continues to rise.

    Although it may experience some volatility, investors in it for the long haul may see great rewards. When you invest with TSLA, you are investing with a future-focused vision in a rapidly evolving industry.

    7. Apple (NASDAQ: AAPL)

    🏆 Best for Risk-Averse Investors

  • Dividend Yield: 0.53%
  • Price-to-Earnings Ratio (P/E ratio): 28.4
  • Market Cap: $2.818T
  • Apple Inc. is another tech behemoth to make the list that has a long track record of innovation, stability, and steady stock growth.

    AAPL also offers its investors a 0.48% dividend yield, which, while not a high-yield income stock, shows a consistent track record of commitment to its shareholders.

    Apple’s success is based on its iconic products, including the iPhone, iPad, Mac, and wearable tech. They continue to expand their reach by introducing services like Apple Music, Apple TV+, and the App Store.

    Over the years, Apple Inc. has shown explosive, steady growth, perfect for investors seeking stability.

    8. Duke Energy Corp (NYSE: DUK)

    🏆 Best for Recession-Proofing Your Portfolio

  • Dividend Yield: 4.40%
  • Price-to-Earnings Ratio (P/E ratio): 26.13
  • Market Cap: $71.495B
  • Duke Energy is one of the largest electric utility providers in the United States. The company serves more than 7.7 million retail customers across six states.

    There are three compelling reasons to consider investing in DUK in a bear market:

    • Consumer Habits. When the economy takes a hit, consumers spend less, but they just about always pay their utility bills. That makes DUK a great investment in a recession.
    • History. The company has historically outperformed the S&P in the face of multiple economic hardships.
    • Stability Over Growth. The company has seen some impressive growth in recent years, but management’s core focus is on the stability of the business, making it a low-volatility play.

    Truth be told, there’s not much to say about Duke Energy. It’s not a sexy business; it doesn’t have a ton of growth prospects, and it’s not likely to make you rich any time soon. But what it’s not doing only serves to outline what it is doing.

    Duke Energy is continuing its mission to provide its customers with quality, fairly priced services. As it does, it gives its investors stable returns, consistently paid dividends, and an easier time going to bed at night regardless of the state of the economy or broader market.

    9. Microsoft Corp (NASDAQ: MSFT)

    🏆 Best for Tech Enthusiasts

  • Dividend Yield: 0.70%
  • Price-to-Earnings Ratio (P/E ratio): 37.11
  • Market Cap: $3.049T
  • Another tech stock makes our list and with good reason. Tech stocks may seem risky, but Microsoft’s resilience and adaptability make it a stable choice for the risk-tolerant investor.

    From gadgets and software to cloud services and gaming consoles, Microsoft positions itself as a tech giant with a proven ability to weather the market. Whether that being the dot-com bubble, the 2008 recession, or the COVID-19 pandemic, Microsoft has continued to stand tall.

    10. NVIDIA (NASDAQ: NVDA)

    🏆 Best for Growth Investors

  • Dividend Yield: 0.02%
  • Price-to-Earnings Ratio (P/E ratio): 66.03
  • Market Cap: $1.947T
  • A powerhouse in semiconductor technology, NVIDIA Corporation has shown explosive growth in the last eight years.

    While not much, NVDA offers a dividend yield and compensates for it with its pursuit of innovation in graphics processing units (GPUs) and artificial intelligence.

    NVIDIA has a long track record of innovation, including 3D graphics, the GPU, the NVIDIA RTX™ upgrade to the GPU, and their Omniverse platform.

    While the stock may be volatile, NVDA is a good choice for investors who like innovation, growth, and dividends.

    Methodology

    At the beginning of each quarter, Money Crashers compiles a list of the Best Stocks To Buy Now. These stock picks are based on company stability and market trends.

    For each stock included on the list, we include the current dividend yield, P/E ratio, and current market cap. This page will change and update as the market fluctuates.

    Final Word

    The stocks above are some of the best to stand behind as the declines in the market continue. Considering the state of the market, every one of them is a large-cap stock, and most follow a more reserved investment strategy.

    Though these are my favorite picks for investors looking for different options, you have your own unique risk tolerance and investment goals.

    Never blindly invest in the stock picks you read about online, not even the picks above. Do your own research and make educated investment decisions based on what you learn and how it relates to your unique situation.

    Disclosure: The author currently has no positions in any stock mentioned herein but may purchase shares of Devon Energy (DVN), H&R Block (HRB), ASML Holdings (ASML), UGI Corp (UGI), and Duke Energy (DUK) within the next 72 hours. The views expressed are those of the author of the article and not necessarily those of other members of the Money Crashers team or Money Crashers as a whole. This article was written by Joshua Rodriguez, who shared his honest opinion of the companies mentioned. However, this article should not be viewed as a solicitation to purchase shares in any security and should only be used for entertainment and informational purposes. Investors should consult a financial advisor or do their own due diligence before making any investment decision.

    10 Best Stocks to Buy Right Now: February 2024 (2024)

    FAQs

    10 Best Stocks to Buy Right Now: February 2024? ›

    ICICI Bank Ltd, State Bank of India (SBI), Larsen & Toubro (L&T), Titan Company Ltd, ITC Ltd, HCL Technologies Ltd, Coal India Ltd, Mahindra & Mahindra (M&M), Zomato Ltd and Hindalco Industries Ltd are Motilal's top largecap stock picks.

    What is the best stock pick for February 2024? ›

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    • Netflix, Inc.
    Mar 8, 2024

    What stock is going to boom in 2024? ›

    10 Best Growth Stocks to Buy for 2024
    StockExpected Change in Stock Price*
    Tesla Inc. (TSLA)61%
    Mastercard Inc. (MA)14.2%
    Salesforce Inc. (CRM)7.2%
    Advanced Micro Devices Inc. (AMD)11.3%
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    Mar 25, 2024

    Where to invest in feb 2024? ›

    Best-Performing Stocks for February 2024
    • Coinbase Global.
    • Palantir Technologies.
    • Applovin.
    • Super Micro Computer.
    • XPO.
    Mar 1, 2024

    Which stocks are best for election 2024? ›

    ICICI Bank Ltd, State Bank of India (SBI), Larsen & Toubro (L&T), Titan Company Ltd, ITC Ltd, HCL Technologies Ltd, Coal India Ltd, Mahindra & Mahindra (M&M), Zomato Ltd and Hindalco Industries Ltd are Motilal's top largecap stock picks.

    What are Motley Fool's 10 best stocks for 2024? ›

    See the 10 stocks

    The Motley Fool has positions in and recommends Alphabet, Amazon, Chewy, Fiverr International, Fortinet, Nvidia, PayPal, Salesforce, and Uber Technologies. The Motley Fool recommends the following options: short March 2024 $67.50 calls on PayPal.

    What are the top 10 stocks to buy? ›

    Overview of the top long-term stocks in India as per market capitalisation
    • Reliance Industries. With a market capitalisation of ₹19,91,203 crore (as on 19th February 2024), Reliance Industries Limited is the biggest stock in Indian markets. ...
    • Tata Consultancy Services (TCS) ...
    • HDFC Bank. ...
    • ICICI Bank. ...
    • Infosys.

    What 7 stocks could double or triple in 2024? ›

    Instead, it's the stocks of mega-size companies – Alphabet (GOOGL), Amazon.com (AMZN), Apple (AAPL), Meta Platforms (META), Microsoft (MSFT), Nvidia (NVDA) and Tesla (TSLA) – that have soared in price over the past year, propelling the broad market to double-digit returns.

    Which stock will double in 6 months? ›

    6 months double
    S.No.NameCMP Rs.
    1.Spright Agro31.24
    2.Jai Balaji Inds.1037.50
    3.Waaree Renewab.2755.35
    4.Insolation Ener1702.50
    23 more rows

    Which stock will double in 3 years? ›

    Stock Doubling every 3 years
    S.No.NameCMP Rs.
    1.Guj. Themis Bio.404.35
    2.Refex Industries160.55
    3.Tata Elxsi7085.75
    4.Tanla Platforms967.85
    14 more rows

    What are the top 5 stocks to buy right now? ›

    Sign up for Kiplinger's Free E-Newsletters
    Company (ticker)Analysts' consensus recommendation scoreAnalysts' consensus recommendation
    Amazon.com (AMZN)1.30Strong Buy
    Microsoft (MSFT)1.32Strong Buy
    Delta Air Lines (DAL)1.35Strong Buy
    Nvidia (NVDA)1.38Strong Buy
    15 more rows
    Apr 15, 2024

    What are the most undervalued stocks in March 2024? ›

    The top undervalued, non-penny stocks on the NYSE or the Nasdaq for March 2024 that trade below $50 per share include Joyy, Ebang International Holdings, STRATTEC Security, Central Plains Bancshares, EuroDry, Landsea Homes, Viatris, Alico, Universal Stainless & Alloy Products, EQT, and Consolidated Water Co.

    Will 2024 be good for stocks? ›

    Fortunately, analysts see positive earnings and revenue growth for all eleven market sectors this year. The healthcare sector is expected to generate a market-leading 17.8% earnings growth in 2024, while the information technology sector is expected to lead the way with 9.3% revenue growth.

    What to invest in 2024? ›

    Best Ethical Companies to Invest in 2024
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    Which stock is best for 2025? ›

    Top Multibagger Penny Stocks for 2025
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    Feb 21, 2024

    What penny stocks to buy today? ›

    Penny Stocks To Buy Today
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    DIL8.3-0.60
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    1 more row

    What are the most undervalued stocks in 2024? ›

    Undervalued Stocks
    CompanyTickerMarket Cap (billions)
    Toyota Motor ADRTM$319.51
    Stellantis N.V.STLA$77.78
    Baidu ADRBIDU$34.88
    Agnico Eagle Mines LimitedAEM$31.18
    2 more rows
    3 days ago

    Is February a good time to buy stocks? ›

    February, on average, is the second worst month for the stock market. However, this year, the market is beating its historical performance. Long-term growth trends like artificial intelligence (AI) have carried the market, despite some stocks plummeting this month on the back of disappointing news.

    Do stocks usually go up in February? ›

    Since 1928, February, on average, has delivered a negative 0.1% monthly return for the large-cap S&P 500 index SPX, the second worst month of a year on average.

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