As of late 2023, the US economy seemed poised for a controlled slowdown, with hopes of easing inflation and steadier growth. However, 2024 has brought surprising developments. The economy is booming, and job gains are substantial, but inflation remains persistently high. This divergence from expectations has raised concerns among policymakers, as the U.S. Federal Reserve aims to curb inflation without risking a recession. Uncertainty looms over the outlook for further rate cuts, with speculation emerging about the potential need for rate hikes to address inflationary pressures. This shift has injected a note of caution into economic forecasts for the near future. Knowing that an economic slowdown is imminent, you need to invest in some safety stocks that will boom no matter what. If you manage to snap up these stocks to buy on market dips, you will see your portfolio and be profitable.

Lockheed Martin (LMT)

Lockheed Martin (NYSE:LMT) is an American defense and aerospace company known for its aeronautical research and development. It is the U.S. government’s largest defense contractor, receiving over 11% of all U.S. Department of Defense spending in 2022.

In Q4 2023, Lockheed Martin exceeded analyst expectations, reporting an EPS of $7.58, compared to $7.40 per share in Q4 2022. Free cash flow also saw healthy growth, jumping 42% to $1.7 billion. Additionally, the company’s order backlog reached a record $160.6 billion, and 2023 net sales increased to $67.6 billion. For 2024, management anticipates continued top-line growth with a mid-single-digit increase expected in free cash flow per share.

The company is attempting to expand its satellite business through strategic partnerships with commercial firms to maintain its competitive edge. The aerospace giant has already forged many successful partnerships through venture investments with companies such as ABL Space and Xona Space Systems, which provide it with substantial launch, positioning, navigation, and timing capabilities. Furthermore, Lockheed Martin recently offered to acquire smallsat manufacturer Terran Orbital for $500 million, an opportunity to accelerate its growth strategy and boost its space business. When looking at LMT as a whole it becomes obvious that it is one of the stocks to buy on any future market dips.

Alphabet (GOOG, GOOGL)

Alphabet (NASDAQ:GOOG, NASDA:GOOGL), Google’s parent company, is a tech giant with a $1.78 trillion market cap.

The global software market was estimated at $589.6 billion in 2022 and is anticipated to reach around $1.78 trillion by 2032. That is a CAGR of 11.74% during the forecast period from 2023 to 2032.

GOOG experienced decent growth in Q4 2023. The company reported $86.31 billion in revenue, a 13.49% year-over-year (YOY) increase. Net income and diluted EPS increased over 50% YoY, hitting $20.69 billion and $1.64 billion.

A few months ago, Alphabet announced its new AI service, Gemini. With its versatile AI model and the launch of Gemini AI, Alphabet aims for market dominance. Alphabet, With its expansive data across many domains, can surely compete head-on with OpenAI’s breakthroughs. Additionally, Alphabet is simultaneously devising some countermeasures against ad blockers, which is expected to lead to more revenue from YouTube and other platforms Alphabet owns.

Block (SQ)

Block (NYSE:SQ) operates through two main segments: Square and Cash App. Square focuses on providing tools to merchants, such as payment terminals and payroll management. Meanwhile, Cash App provides users with various payment and wealth management services.

Fueled by the advent of open banking and changes in consumer behavior, the global fintech market is projected to be worth $1.15 trillion in 2032, exhibiting a CAGR of 16.5%. According to Block’s leadership, the company has penetrated its addressable market by less than 5%, showing Block’s growth potential. For 2024, management forecasts $8.65 billion in gross profit, a YOY growth of over 15%. 

In addition, Block has a beaten-down valuation, which is good news for investors looking for stocks to buy on valuation dips. The company trades at 2.18 times sales, which is rare in stocks with such a high growth rate. While Block’s stock price has been suppressed due to concerns over its profitability, its positive net income in Q4 2023 demonstrates the company’s ability to be financially sound.

On the date of publication, Michael Que did not have (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.

The researchers contributing to this article did not hold (either directly or indirectly) any positions in the securities mentioned in this article.