The stock market fumbled in the first quarter of 2018. Dragged down by inflation concerns, trade war fears, and technology growth risks, the S&P 500 posted its first quarterly decline since the third quarter of 2015.

Q2 hasn’t gotten off to a great start either. The S&P 500 is essentially flat thus far.

Overall, then, stocks are largely down since the last earnings season. But this earnings season is expected to be really good. Earnings are expected to rise more than 17% year-over-year, the strongest growth rate in several years.

This is a favorable backdrop for buying stocks now. The market has gone essentially nowhere since last earnings season. But this earnings season is expected to be one of the best on record. Thus, sentiment will shift from macro risks to company-specific strength. And stocks will rise by a bunch since they haven’t gone anywhere for several months.

This is why the talk on the Street is that earnings season will save this market.

But which stocks should you buy this earning season? Here’s a deeper look.

Tech Stocks That Could Win Big This Earnings Season:

Facebook (FB)

Front and center on this list is social media giant Facebook, Inc. (NASDAQ:FB).

Facebook stock has been dragged down a whole bunch recently by concerns related to a data breach that dates back to 2015. FB stock has fallen nearly 20% off its 2018 highs.

But all signs point to the fact that this whole data breach has had relatively mitigated impact on the financials. CEO Mark Zuckerberg has said there has been no meaningful impact on Facebook usage as a result of this scandal. COO Cheryl Sandberg has said that a few advertisers have paused spending, but it sounds like that number is rather small and that those pauses are temporary.

Meanwhile, the whole “#deleteFacebook” movement that media outlets wanted you to believe was sweeping the internet never really gained much traction (#deleteUber received more mentions). Moreover, it has disappeared just as quickly as it appeared.

Facebook’s App Store ranking actually rose in the week following the data scandal outbreak, giving credence to the idea that there is no such thing as bad press. Also, no one seems to be lumping Instagram into any of this, and that is where Facebook’s real growth is.

Because the financial fallout seems to be largely limited to a few users quitting and a few advertising temporarily pausing spending, Facebook’s next quarterly earnings report will be very good.

Those numbers are due at the end of the April. Needless to say, I’m a buyer on this weakness and into that report.

3 Tech Stocks That Could Win Big This Earnings Season:

Amazon.com (AMZN)

The next stock on this list is one that has also been knocked by regulatory concerns, but whose long-term growth narrative remains as strong as ever.

E-commerce and cloud giant Amazon.com, Inc. (NASDAQ:AMZN) has been the subject of President Donald Trump’s ire recently. Trump feels that Amazon doesn’t pay its fair share of sales taxes, and that this gives Amazon a pricing advantage over traditional brick-and-mortar retailers. Consequently, he wants to go after Amazon.

But this has less to do with Amazon and more to do with Jeff Bezos, the CEO of Amazon who also owns the Washington Post, a media outlet which rarely paints Trump in a positive light. It is unlikely this personal vendetta results in legislation which hurts Amazon.

Moreover, the logic isn’t really there to support regulation against Amazon. Anti-trust laws are consumer oriented. So the only time those laws kick in is if the consumer is being hurt. But the opposite is happening in Amazon’s case. Amazon massive scale is actually making things cheaper and easier for the consumer across the board.

Moreover, Amazon already pays sales tax in all states which require a sales tax. The only thing they don’t pay sales tax on is third-party sales. But the whole argument of whether or not digital retailers should pay sales taxes is headed to the Supreme Court with another digital retailer, Wayfair Inc (NYSE:W). The courts have consistently ruled in favor of digital retailers not paying sales faxes, so it is fairly likely the Supreme Court upholds this precedent.

Overall, then, the regulatory risks which have caused AMZN stock to drop into correction territory seem overblown.

Meanwhile, the retail business continues to experience tremendous strength. Just look at search interest or web traffic data to see how Amazon continues to dominate e-retail. And even though Amazon is losing market share in the cloud market, the company remains the largest cloud services provider in the world by a long shot.

All of those positives will come back into focus when AMZN reports earnings at the end of April. When they do, AMZN stock could head significantly higher considering the stock’s recent weakness.

Tech Stocks That Could Win Big This Earnings Season:

Netflix (NFLX)

Alongside the rest of the market, streaming media giant Netflix, Inc. (NASDAQ:NFLX) has come under tough times recently. But there doesn’t seem to be anything wrong with the NFLX growth narrative.

NFLX stock has fallen into correction territory in 2018 due to a confluence of external factors. Things such as the data breach at Facebook and regulatory concerns at Amazon have been weighing on Netflix — another massive internet company.

But nothing has changed specifically in relation to Netflix.

In fact, the underlying fundamentals have only improved.

Netflix has launched a slew of hit originals recently. From a third season of widely followed romantic comedy “Love” to a second season of entertaining slapstick comedy “Santa Clarita Diet” to teenage comedy hit “Everything Sucks”, Netflix pumped out a ton of quality original content this past quarter.

When the original content lineup in a quarter is solid, the subscriber numbers tend to come in above expectations. When the subscriber numbers come in above expectations, NFLX stock tends to soar.

All in all, with Netflix stock still in correction territory ahead of its next quarterly earnings report, now looks like a good time to buy. The numbers will be quite good, and that could send the stock materially higher.

As of this writing, Luke Lango was long FB and NFLX.