© Reuters. 4 Stocks to Grab Now for a Santa Claus Rally
Investors are optimistic about the forthcoming Federal Reserve meeting. So, we think it could be wise to bet on quality stocks QUALCOMM Incorporated (NASDAQ:), GMS Inc . (NYSE:), Axcelis Technologies, Inc. (NASDAQ:), and Huttig Building Products, Inc. (HBP). They are each well-positioned to experience a Santa Claus rally. Read on.The markets closed lower yesterday due to the anticipated Federal Reserve meeting and the fast spread of the COVID-19 omicron variant. However, with a potential interest rate hike already factored in and the omicron variant seeming to be milder than expected, investor sentiment is expected to remain favorable.
The market expects nearly three rate increases in 2022, yet stocks are at record highs. According to Jefferies (NYSE:) strategist Sherif Hamid, “A lot of near-term hawkishness is thus already in the price.” Also, according to a Factset report, the S&P 500 will close above 5,200 in 2022.
Given this backdrop, we think it could be wise to bet on fundamentally sound stocks QUALCOMM Incorporated (QCOM), GMS Inc. (GMS), Axcelis Technologies, Inc. (ACLS), and Huttig Building Products, Inc. (HBP). They have been rallying over the past few months and are expected to be part of this year’s Santa Claus rally.
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