The Dow Jones Industrial Average is America’s longest-running major stock index. Founded in 1896, the Dow Jones serves as a trusted gauge of America’s leading companies.

Many investors and analysts have switched to other preferred indexes, such as the S&P 500 or Nasdaq 100. However, the Dow’s tradition, long price and chart history, and different mix of constituent components make it a worthwhile metric in the 21st century.

While the Dow Jones only has 30 holdings, it manages to have a great mix of companies representing almost all major sectors of the American economy. And given this diversification, there have been several Dow stocks that have taken a tumble so far in 2024, even while overall markets have been strong.

This gives investors the ability to do some bargain-shopping. These are three leading Dow stocks to buy now that are available at a sizable discount from their recent price levels.

Boeing (BA)

Leading the way, Boeing (NYSE:BA) shares are down a shocking 35% year-to-date. That’s a huge amount for a blue-chip industrial company such as Boeing.

However, the company has certainly had its fair share of problems. Boeing planes were involved in fatal crashes in both 2018 and 2019. More recently, a variety of Boeing planes have run into high-profile mechanical issues while in flight. The Boeing 737 MAX program, in particular, appears to have serious technical issues which will require major remediation efforts.

There is good reason for concern. Not only is the company facing legal issues and major repair bills, it has also dramatically tarnished its reputation.

That said, BA stock is down from a peak of more than $400/share to just $170 today. Our David Moadel recently suggested that Boeing’s worst-case scenario is overblown, and that it is time to bet against the bears.

At the end of the day, Boeing has an effective duopoly with Airbus. Boeing is a massive employer across the U.S., and it’s also a huge supplier to the military. Given the national security angle, it’s not in anyone’s interest for Boeing to fail. As the company brings in new management, look for the tide to turn and for this American manufacturing giant to recover from its doldrums.

Intel (INTC)

Intel (NASDAQ:INTC) is another Dow stock that is in the penalty box right now, with INTC stock down 31% year-to-date.

The company has struggled to keep up with rivals such as Advanced Micro Devices (NASDAQ:AMD) in key markets. Intel has also not been at the forefront of the all-important artificial intelligence chip trend, letting Nvidia (NASDAQ:NVDA) run away with exciting new product categories.

Intel is barely profitable right now, and investors are fearing the worst. However, Intel has a secret weapon — its long-term investment program.

Intel is pouring tens of billions of dollars into new semiconductor foundry capacity. This should make it a credible competitor to Taiwan Semiconductor Manufacturing Company (NYSE:TSM), and greatly diversify its revenue streams. These investments will take years to play out, and as such aren’t reflected in the firm’s current or forward P/E ratios. But, over time, the reward of this disciplined investment approach should pay off.

As a kicker, the U.S. government is giving Intel generous support for this domestic manufacturing program. Specifically, Intel is set to receive $8.5 billion in grants and up to $11 billion in loans to help advance its massive new chip manufacturing facilities.

Nike (NKE)

Nike (NYSE:NKE) shares are also down double-digits year-to-date. The apparel giant has seen its sales velocity slow in key markets such as China. Inventories have also mounted, and analysts are worried about profit margins going forward.

These are certainly real near-term concerns. However, investors shouldn’t lose sight of the fact that consumer discretionary companies such as Nike tend to be cyclical in nature. And, after several years of record consumer spending, it’s not surprising that people are pulling back a bit. High inflation and a shifting macroeconomic landscape are making many people pinch pennies.

However, Nike is hardly the only consumer products company currently facing a slump. Look at other categories such as luxury goods, spirits, or cosmetics and things are similarly downcast at the moment.

In the bigger picture, Nike’s celebrity endorsements, global brand, and powerful distribution channels give it the sticking power to make it through this downturn and come out stronger.

In the meantime, Nike is laying off employees and trimming costs to maintain its profitability until the apparel industry turns things around. And the last earnings report was better than expected, suggesting that the company’s trajectory is already set to bounce back.

On the date of publication, Ian Bezek held a long position in INTC and NKE stock. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.