The tight monetary policies, high inflation and low consumer spending led to a massive correction in the stock market this year. Several companies suffered from rising interest rates, but the recent quarterly earnings season has shown mixed results. This takes us to choosing stocks to buy now that have the potential to thrive in 2024.  

If you have started to build a portfolio for the coming year, consider the companies that can report impressive fourth-quarter numbers. This will lead to higher growth and steady returns as we approach a new year. Based on the recent financials, these are the three stocks to buy now. 

Amazon (AMZN)

E-commerce giant Amazon (NASDAQ:AMZN) is ready to enjoy some of its best days again. The king of e-commerce offers a diverse range of products, including cloud services and streaming services. The company struggled earlier in the year, but it is rebounding now.

The one big reason to bet on Amazon is its growing market share. It is enjoying a lead over competitors and has rapidly expanded its presence. The upcoming holiday season could be huge for the company. Investing in the stock before the end of the quarter will mean significant gains when the company announces the next quarterly results. In the third quarter, Amazon beat analyst expectations and saw a 13% rise in net sales to reach $143.1 billion. Even the net income hit $9.9 billion in the quarter. 

Amazon Web Services (AWS) is an important aspect of the business that continues to grow. This segment continues to drive revenue and growth, with a 12% year-over-year increase in sales in the third quarter. There was a minor decline in growth in AWS since consumers cut their budgets due to inflation, but there is a high possibility of acceleration in the coming months. The company has invested in artificial intelligence (AI) for a while and has introduced generative AI services for AWS, which will show results in the coming quarter. 

Besides AWS, Amazon has several revenue-generating businesses that are highly reliable. Trading at $146 today, the stock is up 71% year to date and very close to the 52-week high of $149. Load up on this stock before the end of the quarter and take home significant gains as the company reports the fourth quarter results next year. 

Nvidia (NVDA)

Nvidia (NASDAQ:NVDA) is a semiconductor giant at the forefront of tech stocks this year. The company had massive revenue growth due to the rise of artificial intelligence. Known for maintaining a gold standard in developing graphics processing units, Nvidia is at the forefront of the AI race, and its financials have proved that the momentum will keep going. 

Nvidia’s AI success increased the shares from $148 in January to $465 today. The stock is up 191% year to date and is hitting new highs each quarter. While it may not be possible for the company to repeat this success, it still has a chance to grow stronger.

Several companies depend on Nvidia GPUs, and with a strong chip demand, Nvidia had solid revenue growth. In the third quarter, its revenue of $18.2 billion was a 206% year-over-year rise. This was driven by the 279% year-over-year rise in data center sales, which reached $14.5 billion.

Nvidia has what it needs to succeed, and the revenue jump is due to the rise in the demand for chips that meet the changing needs of AI applications. Due to U.S. government restrictions, the company might see a dip in sales in the fourth quarter, but the demand for its chips remains strong. In the fourth quarter, the company expects $20 billion in revenue. It has beaten revenue expectations, and I believe it will do so again. 

No, the stock isn’t cheap and might not dip anytime soon. If you want to join the AI hype, this is one of the best stocks to buy now.

McDonald’s (MCD)

McDonald’s (NYSE:MCD), a restaurant stock set to boom with increased consumer spending, has become a household name. Investing in the stock will not disappoint you. It managed to thrive even in inflation when consumers opted for their burgers instead of spending on dining out. As consumer spending improves and the holiday season approaches, we can see MCD report even better numbers.

The company’s strength is its franchise business, which helps keep operating expenses low while steadily generating revenue. It currently has over 40,000 locations in over 100 countries and is still growing. Out of all these locations, it only operates close to 2,000, which means the rest are franchisees. If you look at the financials, the company generated a revenue of $5.9 billion in the first quarter, $6.5 billion in the second quarter, and $6.69 billion in the third quarter, totaling $19.09 in nine months.

With McDonald’s, there is a low-risk, high-reward possibility, and you can enjoy passive income through regular dividends. The company has a dividend yield of 2.33% and a quarterly dividend of $1.67. It also has enough cash to keep rewarding the shareholders, and I believe you will never regret holding this stock long term. It is trading at $286 today and is up 8% year to date. The upcoming holiday season could be solid for the company. Grab the stock before it skyrockets in 2024. 

On the date of publication, Vandita Jadeja did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.