The stock market has been on a massive winning streak. Not only did the indexes surge in 2023, but they are powering to new all-time highs in 2024.

However, corporate earnings have failed to keep up with the move. In fact, according to Factset, corporate earnings are currently growing at only about 3.2% annually and barely increased whatsoever in 2023.

As a result, valuation have gone up significantly for many of America’s leading stocks. Thus, investors should be prudent when putting capital to work in this increasingly expensive stock market.

The good news, however, is that there are still some good values out there if you know where to look. These are three S&P 500 stocks to buy that are down year-to-date and offer considerable value to investors looking to buy-the-dip.

Starbucks (SBUX)

Starbucks (NASDAQ:SBUX) stock has lost its buzz to start the year.

There appear to be multiple reasons for this. The company is suffering the effects of a boycott related to its stance on geopolitical matters. Starbucks has faced increasing labor issues in the U.S. market. And it has seen poor performance in its large Chinese operating division. All of these factors have combined to push Starbucks shares down to the lowest level in quite a while.

This is not the time to give up on the storage coffee chain, however. Political boycotts tend to see their impact diminish over time, and the Chinese market should perk up at some point in the months to come.

Meanwhile, Starbucks is still showing tremendous growth in other markets. For example, the firm’s Latin American franchiser, Alsea (OTCMKTS:ALSSF), has seen its share price double over the past year as it is opening more than 100 new Starbucks locations across Latin America annually.

Starbucks has tremendous growth opportunities in South America, Europe, and Southeast Asia. Meanwhile, the firm’s North American business remains highly profitable. The valuation for SBUX stock should start to recover as near-term headwinds fade.

Intel (INTC)

Investors have grown frustrated with Intel (NASDAQ:INTC). The company has given up market share to rivals such as Advanced Micro Devices (NASDAQ:AMD). Intel has also not been at the forefront of the all-important artificial intelligence chip trend.

Rather, Intel is investing heavily for the future. It is spending tens of billions of dollars on new manufacturing capacity in America. Investors that prioritize dividends and share buybacks are upset with Intel’s capital-intensive approach to managing its business.

However, I believe the long-term strategy will pay off. That’s especially true since the Biden Administration’s CHIPs Act grants Intel a tremendous amount of financial support in return for expanding its domestic manufacturing capacity.

Furthermore, Intel’s foundry investments are a smart long-term approach to expanding its manufacturing capacity. Over time, Intel’s foundry business will serve as a real competitor to Taiwan Semiconductor Manufacturing (NYSE:TSM). If Intel can make in-roads in that marketplace, this would unlock a gargantuan opportunity for the company.

Intel has a history of success in the semiconductor industry, and it has come back from several missteps previously. The recent pessimism around INTC stock has created another fine entry point.

Brown-Forman (BF-A, BF-B)

Brown-Forman (NYSE:BF-A, BF-B) is one of America’s leading spirits companies and is most famous for its Jack Daniels whiskey. It has also invested heavily in tequila; it bought a leading Mexican producer back in the 2000s before the tequila boom really took, demonstrating the firm’s superior capital allocation skills.

The Brown family retains control of the company and has run it with a long-term focus in mind. That discipled approach has paid off with the stock rising more than 6,000% over the past 40 years.

Shares are currently in a downtrend due to pandemic-related disruptions. There has also been some skepticism around alcohol consumption trends, though the actual data would suggest that the industry continues to grow globally. Importantly for Brown-Forman, it primarily produces whiskey and tequila which are both growing far faster than overall alcohol sales.

To the extent that younger Americans may drink less, that should be more than offset by Brown-Forman’s rapid growth in demographically favorable markets such as Latin America and India.

With Brown-Forman shares near their lowest valuations since the 2008 financial crisis, this is a great opportunity to buy this recession-proof S&P 500 stock.

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