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3 Red-Hot Stocks to Add to Your Watch List

Stock MarketsJun 24, 2021 11:30AM ET
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© Reuters. 3 Red-Hot Stocks to Add to Your Watch List

Because concerns over rising inflation are expected to sustain market volatility, it makes sense to consider stocks that are moving higher and dodging short-term market fluctuations. EOG Resources (NYSE:EOG), Canadian Natural Resources (NYSE:CNQ), and Generac (GNRC) have maintained decent momentum of late and their fundamentals should help them continue to do so over the near term. So, we think it could be smart to bet on these stocks now.While several major economies are now reopening, the stock market is far stable. Last week, the Federal Reserve signaled that it would hold benchmark interest rates near zero for now, but the central bank forecasts two rate hikes by the end of 2023. This indicates the Fed’s concerns over inflation. Indeed, the central bank has raised its inflation projections for 2021 to 3.4% from its 2.4% prior estimate.

Consequently, the stock market is expected to remain volatile. Against this backdrop, stocks that have gained momentum lately could be appropriate bets because their momentum is expected to continue irrespective of market volatility. Investors’ interest in the momentum stocks is evident in the iShares MSCI USA Momentum Factor ETF’s (MTUM) and the Invesco DWA Momentum ETF’s (PDP) 3% and 4.6% gains, respectively, over the past month. This compares to the SPDR S&P 500 Trust ETF’s (SPY) 1.9% returns.

EOG Resources, Inc. (EOG), Canadian Natural Resources Limited (CNQ), and Generac Holdings Inc. (NYSE:GNRC) have generated solid momentum and we think that their fundamental strength should help them to continue rallying, dodging the market’s volatility. So, it would be wise to bet on them now.

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3 Red-Hot Stocks to Add to Your Watch List
 

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