Shares of e-commerce platform provider Shopify (NYSE: SHOP) rose as much as 3.2%, semiconductor specialist Nvidia (NASDAQ: NVDA) jumped as much as 3.7%, and streaming video pioneer Roku (NASDAQ: ROKU) surged as much as 4.3%. The latest report on manufacturing data provided investors with the excuse they were looking for to buy shares of beaten-down technology stocks. The Manufacturing Purchasing Managers Index (PMI) came in at 50.9%, down from 52.8% in August.
Growth stocks have suffered the steepest declines in the recent stock market sell-off. Right now, sky-high inflation, rising interest rates, and fears of a recession have formed the perfect recipe for disaster for growth stocks. Such market downturns, however, are also the best times to buy top-notch growth stocks while they're still languishing.
While a turbulent market can provide plenty of opportunities to buy more of the stocks you love at a bargain, it's also tough to see the stocks you own go deeper into the red. Healthcare giant Johnson & Johnson (NYSE: JNJ) hardly needs an introduction. While the S&P 500 remains down about 17% over the trailing 12 months, shares of Johnson & Johnson have delivered a total return of approximately 4% in that time frame.