PTON - Tech Sell-Off: 1 Growth Stock to Buy and 1 to Sell
2024-03-20 05:27:00 ET
The tech-heavy Nasdaq-100 index set a new all-time high at the end of 2023. In fact, it has soared by more than 25% since late October alone. But the index appears to be taking a break, because it has traded in a sideways range over the past month and sits 3% below its best-ever level. Look even closer, and some market darlings are faring even worse. Shares of artificial intelligence (AI) giant Nvidia have tumbled by 10% over the past week.
History is proof that the stock market reaches new highs given enough time, so investors shouldn't fear a sell-off. In fact, these sell-offs are often a buying opportunity, and they can also be a great time to trim positions in stocks that are underperforming.
With that in mind, here's why investors might want to buy Confluent (NASDAQ: CFLT) and cut Peloton Interactive (NASDAQ: PTON) loose during the latest Nasdaq-100 sell-off.
For further details see:
Tech Sell-Off: 1 Growth Stock to Buy, and 1 to Sell