Certain stocks look ready for a comeback. Trading at or near a 52-week low and with several catalysts forming around them, the worst looks to be over for certain stocks that trade in the benchmark S&P 500 index. While their internal operations and earnings might be improving, these stocks are also likely to rise if the economy remains resilient and the U.S. Federal Reserve follows through on its promise to begin lowering interest rates later this year.

Investors would be smart to identify stocks now that are down but likely to reverse course and rise throughout the remainder of 2024. Now is an especially opportune time to seek out stocks ready for a comeback before first quarter 2024 earnings season gets underway in mid-April. Stocks that have been down often jump higher and rally hard on the first signs that their financials have improved. Here is bottom fishing: three S&P 500 stocks that are due for a big comeback.

Starbucks (SBUX)

Starbucks (NASDAQ:SBUX) has had a tough run lately. Slowing sales in China and labor unrest at home in the U.S. have the coffee chain’s stock down 5% on the year and trading at a 52-week low. Over the past 12 months, the share price has declined 15%. While disappointing, it likely won’t be long before SBUX stock is staging a comeback and rising again. Several positive catalysts are beginning to emerge for the company and its stock.

The most recent earnings report from Starbucks showed that same-store sales in China grew 10% year-over-year, pointing to signs of a recovery in the nation of 1.4 billion people. At home in America, a backlash from conservative consumers over an inaccurate perception that Starbucks supports Palestinians in the war between Israel and Hamas is beginning to fade, and the company has restarted talks with the union that is organizing workers at its U.S. stores, saying that it is willing to negotiate labor agreements.

As many of these short-term issues get resolved, and with a few quarters of strong earnings, SBUX stock should stage a strong comeback.

Chevron (CVX)

Chevron (NYSE:CVX) stock is up 6% on the year, about half the gain seen in the S&P 500 index. Over 12 months, CVX stock is down 6%. The sluggishness looks likely to reverse though now that crude oil prices are back above $85 a barrel. Prices for crude oil are currently at their highest level in five months amid growing concerns of tighter supplies fueled by OPEC+ production cuts and attacks on Russian refineries.

The price of Brent crude oil, the international standard, is currently at $89.11 per barrel, having risen 5% in the past week. West Texas Intermediate (WTI) crude oil is trading at $83.56 a barrel, also up 5% over the same period. This bodes well for Chevron’s earnings and its stock. Though the company’s earnings have held up over the past year. So much so that Chevron raised its quarterly dividend payment by 8% to $1.63 per share starting in March of this year. CVX stock now has a dividend yield of 4.08%.

Morgan Stanley (MS)

Investment bank Morgan Stanley’s (NYSE:MS) stock is flat on the year, having dipped 1% since the start of January. However, the Wall Street firm has several positive catalysts working in its favor. The market for initial public offerings (IPO) is strengthening as evidenced by the recent successful share listings of Reddit (NYSE:RDDT) and Astera Labs (NASDAQ:ALAB). More IPOs and other Wall Street deals such as mergers and acquisitions are expected this year.

Also, Morgan Stanley is under new leadership. Ted Pick assumed the role of CEO on Jan. 1 of this year, succeeding James Gorman who retired. Pick, a long-time Morgan Stanley insider, has also been named to Morgan Stanley’s board of directors and is wasting no time putting his imprint on the bank. Morgan Stanley named another company insider, Jeff McMillan, as head of firm-wide artificial intelligence (AI). Morgan Stanley is the first major Wall Street bank to create a product for employees based on the GPT-4 chatbot.

MS stock is currently trading at only 17 times future earnings estimates and pays a quarterly dividend of 85 cents for a yield of 3.67%.

On the date of publication, Joel Baglole 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.