3 Stocks to Buy for the Next Bull Run: March 2024

Stocks to buy

As we approach the end of the year’s first quarter, the stock market has enjoyed a strong run. Three months into 2024 and the benchmark S&P 500 index is already up 10%. This is after the market gained 24% in 2023. With all three major stock indices currently at all-time highs, it’s natural to wonder what’s next for equities and if the bull run can continue.

According to analysts at Goldman Sachs (NYSE:GS), the bulls are likely to continue stampeding across Wall Street. The investment bank, led by chief U.S. equity strategist David Kostin, are forecasting that mega-cap technology stocks will push the S&P 500 even higher in coming months and that the index will close 2024 15% higher than where it is today, reaching the 6,000 level for the first time. While certainly bullish, the forecast from Goldman Sachs is not out of the realm of possibility given that the economy remains strong, corporate earnings are growing, and interest rates are expected to move lower in the year’s second half.

Here are three stocks to buy for the next bull run: March 2024.

Zoom Video Communications (ZM)

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Zoom Video Communications (NASDAQ:ZM) is pushing into artificial intelligence (AI) in a big way. The company just announced a new AI-powered collaboration software product called “Zoom Workplace.” The new platform pulls many of Zoom’s communications products together in a single place and binds them with an AI interface. Zoom has also launched “Ask AI Companion,” a new service that allows people to use natural language to find information from Zoom Meeting, Chat, Mail and other services.

The push into AI comes after Zoom issued very strong financial results in February of this year. The print for the fourth quarter of 2023 was so strong that it sent ZM stock up 13% in a single trading session. While Zoom thrived during the Covid-19 pandemic, the company has struggled over the past few years. It now looks to have its mojo back. ZM stock has risen 12% since the market bottomed last October.

Novo Nordisk (NVO)

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Pharmaceutical giant Novo Nordisk (NYSE:NVO) keeps on rolling. The Denmark-based company has become the most valuable publicly traded company in Europe as sales of its popular weight-loss treatments Wegovy and Ozempic skyrocket. However, the company is not sitting still, having just announced that it’s buying privately held Cardior Pharmaceuticals for $1.1 billion.

The acquisition will strengthen Novo Nordisk’s pipeline of cardiovascular medications, said the company in a news release. Novo Nordisk is expanding its current focus on diabetes and weight-loss drugs to also include new cardiovascular disease treatments. The acquisition includes Cardior’s lead compound CDR132L, currently in Phase II clinical trials, that has the potential to be a blockbuster treatment for heart failure.

NVO stock is up 68% over the last 12 months, including a 27% gain so far in 2024.

Federal Express (FDX)

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The stock of Federal Express (NYSE:FDX) is suddenly hot again after the shipping and logistics company issued financial results that showed its cost-cutting measures are working. FedEx, as the company is known, reported earnings of $3.86 per share and revenue of $21.70 billion. Wall Street analysts had been looking for earnings of $3.43 and sales of $22 billion, according to data from FactSet.

The results were mostly due to cost controls as demand for FedEx’s shipping services remain stuck in neutral. However, the company reported an operating profit margin of 6%, up one percentage point year-over-year and ahead of Wall Street forecasts for a profit margin of 5.5%. Additionally, FedEx said that its e-commerce activity normalized and is growing again for the first time since the Covid-19 pandemic ended.

FDX stock jumped as much as 13% on news of the latest earnings print. The company’s share price is up 27% over the last 12 months.

On the date of publication, Joel Baglole did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.

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