The three benchmarks traded lower in early trading this morning as traders brace for volatility during this holiday shortened week. The Nasdaq has dipped 0.4% this month as the rotation from high-flying tech names gained steam. Consequently, the Dow and the S&P 500 have risen 6.9% and 4.3% respectively, so far in March.
Investors should keep in mind that the stock market is pricing in an incredible amount of growth coming out of this pandemic. However, for those bullish on an accelerated rebound coming out of the pandemic, volatility this week could offer bargains on best in breed stocks.
Our trade alert highlights the company that is leading the herd in high-end retail, which is likely to make a big comeback as consumers return to normalcy.
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Higher-end retailer Nordstrom (JWN) stands out from its peers. This is because a rather wide swath of retail stocks have been swept up by “meme stock” fever of late. But for whatever reason, Nordstrom appears to be a stock that was immune. Its products might be trendy, but JWN stock just can’t say the same.
Rather, Nordstrom has been a retail stock with a stock chart that more closely approximates the other reopening plays right now. Its valuation is more reasonable than its retail meme stock peers, but with the same underlying growth thesis.
As employment metrics (are expected to) continue to improve as we come out of this pandemic, high-end retail should do quite well. In fact, investors are betting on it. Nordstrom has actually performed decently well through the pandemic, due to its strong and growing e-commerce presence, this catalyst should bode well for those attempting to anticipate what the future may hold for the retail sector.
Thus, the company’s more hybrid business model should approximate the market’s overall sentiment more closely than its retail brethren. Nordstrom is about as high-quality a retail pick as one can choose right now, and an interesting one for fundamentals-oriented value investors to consider.
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