In many ways, 2022 has been a year like no other, as investors and consumers alike have been looking for signs that the macroeconomic headwinds might eventually ease. October started off in rally mode, but a couple of new economic reports suggest relief is still a way off, sparking a wide-ranging sell-off on Wall Street. To be clear, there was nothing in the way of company-specific news driving these technology stocks lower today.
September was yet another down month for the stock market, and the outlook still doesn't look great with inflation showing no signs of coming to an end. Taking that advice into consideration, there are three growth stocks that stand out from the rest and that investors should consider buying this month given their promising futures: Eli Lilly (NYSE: LLY), Shopify (NYSE: SHOP), and Costco Wholesale (NASDAQ: COST). Trading at around 50 times earnings, healthcare giant Eli Lilly may turn off some investors with its steep valuation.
Shares of some growth stocks were spiking today as the broader market indices jumped. As a result, investors returned to some technology stocks today, helping to lift Shopify (NYSE: SHOP) by 13.5%, PayPal Holdings (NASDAQ: PYPL) by 5.2%, and Appian (NASDAQ: APPN) by 7.3% as of 10:30 a.m. ET.