5 Bargain Stocks to Buy as Fed Rate Cut Bets Fuel ‘Everything Rally’
U.S. stocks are poised to end 2023 on a high note amid investor optimism that the historic tightening of monetary policy is likely over, and interest rates will fall next year following a dovish pivot by the Federal Reserve.
To no one's surprise, the Fed funds rate was left unchanged at a range of 5.25%-5.50% earlier this week. However, new FOMC dot-plot forecasts showed three rate cuts in 2024 as inflation fell faster than expected.
Speaking at the post-meeting news conference, Fed chair Jerome Powell acknowledged that more rate hikes are unlikely and the time for rate cuts is drawing closer.
The dovish pivot sparked a massive rally on Wall Street. The blue-chip Dow Jones Industrial Average hit its first record closing high since January 2022, rising above the 37,000 level for the first time in history.
The S&P 500 could soon join the Dow in record territory, as the benchmark index is less than 2% away from reaching its all-time close set in January of 2022. The tech-heavy Nasdaq Composite currently stands about 8% away from its closing record.
Taking that into account, here are five compelling options worth considering as investors eye undervalued stocks that could thrive as the Fed pivots to easing monetary policy in 2024.
Las Vegas Sands (NYSE:LVS) is a global leader in integrated resorts, operating iconic properties such as The Marina Bay Sands in Singapore and The Venetian and The Parisian in Macau. The tourism and hospitality giant has redirected its focus toward Asia following the sale of its Las Vegas properties earlier this year.
Positioned prominently in the leisure and entertainment sector, Las Vegas Sands, whose operations span casino gaming, hotel accommodations, entertainment, and convention facilities, is
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