SHOP - A Bullish Signal for Wall Street: 2 Remarkable Growth Stocks to Buy Now and Hold Forever
2023-08-14 05:25:00 ET
The U.S. economy defied expectations in the second quarter as gross domestic product (GDP) jumped 2.4% sequentially, an acceleration from 2% in the first quarter and well above the forecasted 1.8% growth. Better yet, that momentum is snowballing. Current projections show third-quarter GDP soaring 4.1% on strong consumer spending and business investments, according to data from the Federal Reserve Bank of Atlanta.
That momentum comes in part from cooling inflation and forecasts that the Fed is nearing the end of its rate hike campaign, meaning credit conditions will soon stabilize. In any case, strong GDP growth is a bullish signal for Wall Street. It points to possible stock market gains because increases in consumer spending and business investments will likely boost corporate revenues and profits.
Here's why Shopify (NYSE: SHOP) and Mastercard (NYSE: MA) can help investors capitalize on that momentum.
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A Bullish Signal for Wall Street: 2 Remarkable Growth Stocks to Buy Now and Hold Forever