Nvidia and uranium producer Cameco are leading the watch list of five stocks near buy points, defying the trend as the S&P 500 dipped back to its 50-day moving average. The list also includes Novo Nordisk, Saia, and Ares Management. These elite stocks are part of the IBD Leaderboard and IBD 50 list of leading growth stocks, with all five having at least a 95 IBD Composite Rating, with Nvidia boasting a top 1% rating of 99 based on fundamental and technical factors.
The S&P 500 experienced its biggest weekly decline since October, losing 1.55% as inflation data put a damper on expectations for a near-term Fed rate cut. Despite being 2.5% below its all-time high, the key support level test and a surge in the 10-year Treasury yield have increased risks for the rally. Nvidia, featured as IBD Stock Of The Day, saw price target hikes and volatile daily action during the week, poised for a potential entry point with a buy point from a flat base.
Cameco stock also saw a rise during the week, with a positive outlook as uranium prices doubled and demand for nuclear energy grows globally. Novo Nordisk, Saia, and Ares Management also showed potential growth prospects as they navigated through the market fluctuations. With each company having distinct factors impacting their trajectory, investors are keeping a close eye on these stocks for potential buying opportunities.