Day trading guide for Tuesday: 6 stocks to buy today — November 29

Benchmark indices ended at fresh lifetime highs on Monday amid foreign fund inflows, a decline in crude oil prices and buying in index major Reliance Industries Ltd (RIL). Rallying for the fifth day in a row, Sensex climbed 211 points to settle at 62,504.8, its fresh record closing high. The Nifty gained 0.27% to end at its record closing high of 18,562. In the broader market, the BSE smallcap gauge climbed 0.77% and midcap jumped 0.72%.

Day trading guide for stock market today

“Nifty as per weekly chart is in a sharp uptrend movement and there is no sign of any tiredness/reversal observed at the highs. Having registered a new all time high, the next upside target to be watched for Nifty is at 0.786% fibonacci extension at 18,955 levels (taken from the June bottom, Sept top and Sept higher bottom-as per weekly chart). This could be achieved in the next 1-2 weeks. Immediate support is placed at 18,350 levels,” said Nagaraj Shetti, Technical Research Analyst, HDFC Securities.

“On the daily chart, Nifty has averted a bearish reversal by failing a hanging man pattern formation. The momentum indicator RSI is in bullish crossover and rising, suggesting a rise in ongoing bullish momentum. The short term trend looks positive. On the lower end, support is placed at 18,400. On the higher end, resistance is placed at 18,616/18,800,” said Rupak De, Senior Technical Analyst at LKP Securities.

Stocks to buy today as recommended by analysts –

Anuj Gupta, Vice President – Research at IIFL Securities

Wipro: Buy WIPRO, stop loss ₹490, target ₹530

Punjab National Bank: Buy PNB, stop loss ₹49, target ₹60

Sumeet Bagadia, Executive Director at Choice Broking

Britannia: Buy Britannia, stop loss ₹4,150, target ₹4,300-4,340

Asian Paints: Buy Asian Paints, stop loss ₹3,075, target ₹3,250-3,300

Mehul Kothari, AVP-Technical Research at Anand Rathi

ITC: Buy ITC, stop loss ₹332, target ₹355

Adani Port: BUY Adani Port, stop loss ₹865, target ₹910

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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Source: https://www.livemint.com/market/stock-market-news/day-trading-guide-for-tuesday-6-stocks-to-buy-today-november-29-11669686315830.html

5 things to know before the stock market opens Tuesday

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, November 10, 2022.

Brendan McDermid | Reuters

Here are the most important news items that investors need to start their trading day:

1. Bounce back?

Wall Street is looking for a rebound after Monday’s rout, which came as investors watched protests in China against the government’s harsh anti-Covid measures. China’s economy is already prone to fits and starts due to President Xi Jinping’s “zero Covid” policy, which relies heavily on mass quarantines, and mass unrest would create a new level of uncertainty for the nation of 1.4 billion people, as well as global markets. This week, investors are also preparing to digest a new wave of earnings reports (Hewlett Packard Enterprise reports after the bell Tuesday) and the November jobs report, which lands Friday. Read live markets updates here.

2. Musk vs. Apple

SpaceX owner and Tesla CEO Elon Musk speaks during a conversation with legendary game designer Todd Howard (not pictured) at the E3 gaming convention in Los Angeles, California, June 13, 2019.

Mike Blake | Reuters

Now Elon Musk wants to take on Apple. The Twitter owner tweeted Monday that the iPhone maker threatened to boot his social media app off its App Store, which, if it happened, would kill one of Twitter’s major distribution channels. Apple declined to comment on Musk’s claims. For all his talk about free speech and censorship, though, Musk’s main gripe with Apple is likely more about money than expression. The billionaire also took aim at Apple’s policy requiring that app makers pay a 15% to 30% cut to the company on digital goods sold through their applications. Musk, eager to find a source of revenue for Twitter as ad dollars have dried up, wants to charge subscription fees for certain services on Twitter.

3. Disney sticks with hiring freeze

Disney World’s Magic Kingdom in Orlando, Florida.

Joe Raedle | Getty Images News | Getty Images

Bob Iger on Monday made a splashy return to the Disney lot in Burbank, California, where he held his first town hall since he was re-hired as CEO just over a week ago. He spent a lot of time focusing on the company’s culture, which many at Disney felt suffered under previous CEO Bob Chapek, and touting its creative powers. But Iger also spoke about nitty gritty moves that will affect the company’s day-to-day work. Iger said Disney would keep in place the hiring freeze implemented by Chapek, and that he would take a good look at the company’s cost structure. Chapek, in a memo about cost cutting he had sent days before he was ousted, had indicated layoffs were going to be part of the process. Now it’s up to Iger, who has built up a great deal of goodwill among employees, to make that call.

Read more: Iger addresses ‘Don’t Say Gay’ fallout, importance of LGBTQ inclusion

4. BlockFi files for bankruptcy

Ether tanks after BlockFi files for bankruptcy, and firms prep bids for Voyager: CNBC Crypto World

Another one bites the dust. BlockFi on Monday became the latest crypto firm to go bust, as the fallout from FTX’s failure spreads. The company had already halted withdrawals and warned of its exposure to FTX and sister trading firm Alameda Research. BlockFi’s bankruptcy filing on Monday noted that it had an outstanding loan of $275 million to FTX US, the American unit of FTX. Previously valued at $4.8 billion, BlockFi had avoided bankruptcy in July with the help of a $400 million revolving credit facility from FTX, whose founder, Sam Bankman-Fried, had styled himself as a crypto white knight. That all came crumbling down earlier this month, however, as FTX itself filed for bankruptcy.

5. Ukraine’s cold reality

Destroyed Russian vehicles and tanks in Mykhailivska Square on Nov. 19, 2022, in Kyiv, Ukraine. Millions of Ukrainians are facing severe power disruptions after recent waves of Russian missile and drone strikes reportedly left almost half of Ukraine’s energy infrastructure disabled and in need of repair, as temperatures plunge.

Jeff J Mitchell | Getty Images News | Getty Images

It’s getting colder and colder in Ukraine, with temperatures forecast to fall below freezing this week, as the country grapples with widespread blackouts and other infrastructure failures caused by Russian missile strikes. Now the pressure is on the United States and the rest of NATO to support Ukraine on the homefront in addition to providing weapons for the battlefield. “President Putin is trying to use winter as a weapon of war,” NATO Secretary-General Jens Stoltenberg said Tuesday, pledging to help Ukraine through the next few bitter months. Read live war updates here.

– CNBC’s Sarah Min, Kif Leswing, Alex Sherman, MacKenzie Sigalos, Rohan Goswami, Lillian Rizzo and Holly Ellyatt contributed to this report.

— Follow broader market action like a pro on CNBC Pro.

Source: https://www.cnbc.com/2022/11/29/5-things-to-know-before-the-stock-market-opens-tuesday-november-29.html

Bitcoin climb fails to dispel fears that FTX contagion is ‘far from over’

Worries about contagion from the implosion of digital-asset exchange FTX clouded a rise in Bitcoin and other cryptocurrencies Tuesday.

The largest token rose as much as 2.1% and was trading at about $16,485 as of 10:23 a.m. in London. Second-ranked Ether also posted gains, while meme token Dogecoin surged 10% at one point.

Bitcoin has so far mostly weathered BlockFi Inc.’s bankruptcy on Monday. The crypto lender unraveled in the wake of the chaotic demise of Sam Bankman-Fried’s FTX and sister trading house Alameda Research.

The crypto world is now nervously watching for further fallout from FTX, with the spotlight trained on the likes of struggling brokerage Genesis.

“The credit contagion is far from over,” said Cici Lu, founder at Venn Link Partners, a crypto consultancy. There’s “still very low visibility, in the second and third layers of counterparty risk, in terms of who’s exposed to what,” Lu added.

Bitfront, a crypto exchange backed by Japan’s social media giant Line Corp., said it’s shutting down amid industry challenges but indicated the step isn’t connected to the collapse of FTX.

Chart Omen

Bitcoin chart patterns continue to flash warning signs about the token’s outlook. An analysis based on plotting sessions when the token moves up or down by at least 10%, a so-called point and figure study, signals the coin is at risk of testing support levels running as low as about $10,000.

Both Bitcoin and a gauge of the top 100 tokens have shed more than 60% this year, a rout that contributed to a spate of blowups at crypto outfits.

This story has been published from a wire agency feed without modifications to the text.

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Source: https://www.livemint.com/market/cryptocurrency/bitcoin-climb-fails-to-dispel-fears-that-ftx-contagion-is-far-from-over-11669722561054.html

Bad news for crypto investors! Market legend makes damning Bitcoin prediction

In what will be unwelcome news for cryptocurrency investors, legendary investor Mark Mobius has predicted that Bitcoin will continue its fall from the peak of nearly $69,000 in November 2021.

Mobius, who is the co-founder of Mobius Capital Partners and has an estimated net worth of $50 billion, has called digital currencies “too dangerous”. He added that he would neither invest his own money nor his clients’ in digital assets.

Speaking on the future of crypto in Singapore, Mobius said that his next target for Bitcoin is $10,000, a number which will take the crypto market leader back to the levels of more than two years ago in 2020.

Statistic: Bitcoin (BTC) price per day from Apr 2013 - Nov 27, 2022 (in U.S. dollars) | Statista
Find more statistics at Statista

However, Mobius added that cryptocurrencies are here “to stay”, noting that it still holds the trust of “several investors”. He also called Bitcoin holding ground amid the FTX collapse as “amazing”.

The crypto market is reeling from the impact of the rapid descent and eventual bankruptcy of FTX exchange, founded by Sam Bankman-Fried. Crypto analysts in some quarters are also predicting a similar slide in Bitcoin, as predicted by Mobius.

Bitcoin is currently at $16,195.50 as of 9:30 pm (IST) on Monday, November 28, 2022. Other major cryptocurrencies like Ether and Dogecoin have also been in the red. The top 100 cryptocurrencies have lost nearly 65 percent of their value in 2022.

READ | Amazon shuts wholesale distribution business in India amid reports of mass layoffs

Source: https://www.dnaindia.com/business/report-bad-news-cryptocurrency-investors-market-legend-makes-damning-bitcoin-prediction-mark-mobius-ether-dogecoin-3006437

Stock market update: Stocks that hit 52-week highs on NSE in today’s trade

NEW DELHI: Shares of Mohini Health & Hygi,

,

,

and

, hit their fresh 52-week highs during Monday’s trade on NSE.

Benchmark NSE Nifty closed 50.0 points up at 18562.75 amid buying in frontline bluechip counters.

However, stocks such as Bombay Rayon, Penta Gold,

,

. and Rite Zone Chemcon India Ltd., touched their fresh 52-week lows.

Overall, 29 shares ended in the green in Nifty50 index, while 21 closed in the red.

In the Nifty 50 index,

,

, RIL,

and

were among top gainers during the day, while

,

,

,

and

ended in the red.

The BSE Sensex closed 211.16 points up at 62504.8.

Traders piled up positions in General, Power, Rubber, Real Estate and Retail sectors, while selling was witnessed in General, Power, Rubber, Real Estate and Retail sectors during the day.

(What’s moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

Download The Economic Times News App to get Daily Market Updates & Live Business News.

,

Source: https://economictimes.indiatimes.com/markets/stocks/stock-watch/stock-market-update-stocks-that-hit-52-week-highs-on-nse-in-todays-trade/articleshow/95829055.cms

Investing in crypto is ‘dangerous’ and bitcoin could plummet to $10,000, billionaire investor Mark Mobius says

  • Crypto is “too dangerous” to invest in right now, billionaire investor Mark Mobius said over the weekend.
  • Mobius predicted bitcoin will plunge to $10,000, though he believes the industry will survive the fall of FTX.
  • “Crypto is here to stay as there are several investors who still have faith in it,” he told Bloomberg.

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Crypto winter is set to deepen, and the price of bitcoin could soon plummet to $10,000, according to legendary investor Mark Mobius.

The billionaire and co-founder of Mobius Capital Partners gave his outlook for the world’s largest cryptocurrency in an interview with Bloomberg on Saturday, with the market still dealing with the aftermath of the fall of FTX, which filed for bankruptcy on November 11.

Since then, bitcoin has fallen 21%, a loss layered on top of the steep sell-off in cryptocurrencies already seen this year. The coin is now down 66% from levels in January – and a fall to $10,000, as Mobius predicts, would mean another 40% plunge from current levels.

Mobius said he thinks the sector is “too dangerous” to invest his own or his clients’ cash, and has been a long-time crypto skeptic. He’s previously called crypto a “religion” rather than an investment, and warned that a sell-off in cryptocurrencies could end up dragging the S&P 500 lower.

Despite the risks and volatility associated with the FTX drama, the industry is likely to survive the fallout, Mobius said, though he added it was “amazing” that bitcoin prices have held up as well as they have so far.

“Crypto is here to stay as there are several investors who still have faith in it,” he told Bloomberg.

Other market commentators have remained bullish on the future of crypto, despite the turmoil and the potential for regulators to crack down harder on the industry. Ark Invest’s Cathie Wood reiterated her bitcoin price target of $1 million over the next decade, and said she believes the current rout would leave bitcoin “smelling like a rose.”

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Source: https://markets.businessinsider.com/news/currencies/mark-mobius-crypto-winter-bitcoin-fall-ftx-crash-danger-investors-2022-11?op=1

Crypto Markets Today: BlockFi Files for Bankruptcy Protection, MakerDAO Rejects $500M Proposal to Invest in Bonds and BTC Slides

Crypto lender BlockFi filed for bankruptcy protection Monday, indicating it hoped to restructure, continuing operations in the meantime.

This article originally appeared in Crypto Markets Today, CoinDesk’s daily newsletter diving into what happened in today’s crypto markets. Subscribe to get it in your inbox every day.

  • BlockFi has about $257 million in cash on hand and a Bermuda-based affiliate is also filing for liquidation in a similar process, according to a press release.
  • According to the company’s petition, BlockFi’s executives estimate the company has more than 100,000 creditors, and checked off the ranges. Executives estimate the company has between $1 billion and $10 billion in both assets and liabilities.
  • The company’s largest creditors include West Realm Shires Inc., the legal name for FTX US, which has a $275 million unsecured claim, and the Securities and Exchange Commission (SEC), which has a $30 million unsecured claim. The majority of the other top 50 creditors’ names were not shared.
  • A rocky year: BlockFi, which suspended withdrawals a few weeks ago due to the ongoing confusion about FTX’s assets, has faced a lot of setbacks. The company liquidated a large client earlier this year, and it needed a line of credit from FTX to survive.
  • The lender was set to raise funding at a $1 billion down round valuation in June, after raising $350 million at a $3 billion valuation in March 2021. As recently as July 2021, the company was looking to go public within the next 18 months, with a potential $500 million fundraise coming soon.

Other News

Bitcoin (BTC) slid around 2% amid news that crypto lender BlockFi had filed for bankruptcy protection earlier in the day. The largest cryptocurrency by market capitalization was trading around $16,200, down 1.9% in the past 24 hours.

The MakerDAO community rejected a proposal to use up to $500 million of the stablecoin USDC to invest in bonds with crypto investment firm CoinShares. As CoinDesk’s Krisztian Sandor reported, CoinShares had proposed managing between 100 million and 500 million USDC and actively investing the money in a portfolio of corporate debt securities and government-backed bonds with the aim of returning a yield matching the Secured Overnight Financing Rate. On Monday, some 72% of votes were cast against the proposal.

Equity markets fell amid widespread protests against Covid lockdowns in China. The S&P 500 index dropped by 1.5% at closing. The Nasdaq Composite and Dow Jones Industrial Average closed down 1.5% and 1.4%, respectively.

Altcoin Roundup

11/28 MW Chart (CoinDesk Research)

  • Ether’s price dropped following a “whale” address moved 73,224 ETH, worth $85.7 million, to Binance during the Asian trading hours, according to an analysis by on-chain researcher Lookonchain. Investors typically transfer coins to centralized exchanges when they intend to sell or use the coins as a margin in derivatives trading. Therefore, an uptick in exchange inflows often paves the way for heightened price volatility. Ether was around $1,170, down roughly 3% in the past 24 hours.

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This story originally appeared on Coindesk

Bitcoin (BTC) slid around 2% amid news that crypto lender BlockFi had filed for bankruptcy protection earlier in the day. The largest cryptocurrency by market capitalization was trading around $16,200, down 1.9% in the past 24 hours.

Source: https://markets.businessinsider.com/news/currencies/crypto-markets-today-blockfi-files-for-bankruptcy-protection-makerdao-rejects-500m-proposal-to-invest-in-bonds-and-btc-slides-1031940789?op=1

US stocks fall as zero-COVID lockdown protests spread across China

US Markets Loading… H M S

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REUTERS/Brendan McDermid

  • US stocks drop as zero-COVID lockdown protests spread in more cities across China.
  • Oil prices dropped, with Brent crude, the international benchmark, shedding roughly 2.8%.
  • Investors are watching how Beijing handles the civil unrest as well as a spike in new virus infections across China.

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US stocks dropped Monday as rare protests in China against the government’s strict zero-COVID policies broke out.

The unrest comes as a spike in COVID-19 infections prompted more local lockdown controls despite recent hopes of easing policy from Beijing. The world’s second-largest economy has seen almost three years of stringent lockdowns, which have weighed on growth.

Events in China continue to drag on oil prices. Brent crude dropped as low as $81.30 a barrel, which would mark the lowest close in 10 months if it maintains that level throughout the day.

Here’s where US indexes stood as the market opened 9:30 a.m. on Monday:

Here’s what else is happening:

In commodities, bonds, and crypto:

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Source: https://www.businessinsider.com/stock-market-news-today-china-covid-19-protests-oil-prices-2022-11?op=1

CEO Salvatore Palella Doubled Down on Helbiz (HLBZ) Stock

HLBZ Stock - CEO Salvatore Palella Doubled Down on Helbiz (HLBZ) Stock

Source: MarbellaStudio / Shutterstock.com

Helbiz (NASDAQ:HLBZ) stock is up over 25% today on reports that the transportation company’s chief executive officer bought four million shares.

A regulatory filing with the U.S. Securities and Exchange Commission (SEC) shows that Helbiz CEO Salvatore Palella purchased four million shares of HLBZ stock in a big insider move. News of the stock purchase comes days after Helbiz completed its acquisition of Wheels Labs, a move that is expected to provide more than $25 million in revenue for the full year 2022.

Helbiz is an urban transportation company that builds and sells scooters, mopeds, and other micro vehicles in densely populated cities that struggle with high levels of traffic congestion. Founded in Italy, Helbiz is now headquartered in New York City. Prior to today, HLBZ stock was down 96% this year and trading at 23 cents per share, putting it deep in penny stock territory.

What Happened

Helbiz founder and CEO Salvatore Palella recently bought $750,000 worth of HLBZ stock at an average price of 19 cents a share. That purchase increased his holdings in the company by 72%. Investors are reacting positively to the purchase by Palella as it is viewed as a vote of confidence in the company.

This latest purchase was not Salvatore Palella’s biggest acquisition of HLBZ stock this year. The chief executive previously bought $2.4 million worth of shares at a price of $1.50 each. At the same time, Helbiz’s fortunes are expected to improve following its acquisition of privately held Wheels Labs, which manufactures sit-down scooters and has a large presence in Los Angeles, California.

In a media statement, Helbiz said that the combined companies expect to achieve a positive gross profit margin within nine months and profitability at the operating level within two years.

Why It Matters

Insider buying of a company’s stock by senior management is viewed as a positive development by investors as it indicates that the people who own and/or run the organization feel the shares are undervalued and destined to rise. Palella is seen as being bullish about his company and continues to purchase HLBZ stock as the price declines. Helbiz insiders have also not been selling any stock in the company, which is also encouraging.

The purchase of Wheels Labs is expected to help boost Helbiz’s business and give the company immediate access to the Los Angeles market, which has some of the worst traffic in the world and a population of nearly four million people. The combination of insider stock purchases and the conclusion of the Wheels Labs acquisition has investors feeling positive about HLBZ stock today.

HLBZ Stock: What’s Next

While today’s move higher in HLBZ stock is good news, investors need to remember that the company’s share price is down 96% and an extremely depressed penny stock.

Also, the buying that occurs today could prove to be short-lived if investors quickly move to take profits and dump their shares. For these reasons, investors should be careful with Helbiz stock.

On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.

Read More: Penny Stocks — How to Profit Without Getting Scammed

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.

A regulatory filing with the U.S. Securities and Exchange Commission (SEC) shows that Helbiz CEO Salvatore Palella purchased four million shares of HLBZ stock in a big insider move. News of the stock purchase comes days after Helbiz completed its acquisition of Wheels Labs, a move that is expected to provide more than $25 million in revenue for the full year 2022.

Source: https://investorplace.com/2022/11/ceo-salvatore-palella-doubled-down-on-helbiz-hlbz-stock/

Money managers say these 10 stocks are screaming buys despite rampant inflation and lingering recession fears, according to Morningstar

  • From the Fed’s aggressive rate hikes to Russia’s war in Ukraine, investors have reasons to worry.
  • Analysts recommend investing in companies that have grabbed significant market share like Alphabet.
  • These 10 stocks are a screaming buy during volatile periods, according to Morningstar.

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After months of aggressive rate hikes to combat near 40-year high inflation, the Federal Reserve’s monetary tightening could soon slow down. Markets expect the central bank to step down to a 0.5 percentage-point increase in December after four consecutive 0.75 percentage-point hikes, according to minutes from the rate-setting Federal Open Market Committee meeting.

Slowing rate increases could “soon be appropriate,” the minutes, which were released on Wednesday, said. “The uncertain lags and magnitudes associated with the effects of monetary policy actions on economic activity and inflation were among the reasons cited regarding why such an assessment was important.”

“Since 2020, headwinds created by the pandemic hampered the markets and sidelined a multitude of industries as governments across the globe instituted lockdowns and imposed restrictions,” Morningstar analysts Ari Felhandler, Verushka Shetty, and Eric Compton, wrote in a recent report.

Investors are still navigating murky macro waters outside of rampant inflation, trying to find a safe haven from a looming global recession and geopolitical uncertainty that’s wreaked havoc on the markets.

“And just as the market was looking to slowly recover as pandemic restrictions were lifted, the Russian invasion of Ukraine threw another wrench into the global economy, elevating energy prices and creating inflationary pressures that have impacted food and energy markets,” according to the Nov. 22 note. “The third quarter of 2022 has been defined by a tumultuous market, including continued selloffs in tech, inflationary pressure, and lingering fears of a potential recession.”

Morningstar analysts say invest in companies that have grabbed significant market share like Alphabet (GOOGL) or Wells Fargo (WFG). These companies are trading at major discounts to analysts estimates, which “indicates that money managers place an emphasis toward blue-chip stocks such as these in a period of uncertainty.” GOOGL is trading at around $97, for example, but Morningstar analyst Ali Mogharabi says it’s valued closer to $160 per share.

Despite market headwinds and volatility, Morningstar lists “high-conviction” purchases for companies that money managers “have made meaningful additions to their portfolios.” These 10 large-cap stocks span across sectors including energy, financial services, technology, and industrials.

After months of aggressive rate hikes to combat near 40-year high inflation, the Federal Reserve’s monetary tightening could soon slow down. Markets expect the central bank to step down to a 0.5 percentage-point increase in December after four consecutive 0.75 percentage-point hikes, according to minutes from the rate-setting Federal Open Market Committee meeting.

Source: https://www.businessinsider.com/stock-picks-buy-rated-inflation-recession-fears-morningstar-money-managers-2022-11?op=1