3 Nasdaq Stocks to Buy Now: June 2024

  • The Nasdaq has been on a heck of a run, thanks in part to the following growth stocks.
  • Costco (COST): The big-box retail firm can’t be held down. New tech could help it bolster its winning formula.
  • Netflix (NFLX): Betting big on the NFL for the holiday season could pay off.
  • Qualcomm (QCOM): Recent AI PC hiccups don’t take away from the growth narrative.
nasdaq stocks to buy now - 3 Nasdaq Stocks to Buy Now: June 2024

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The summer stock market presents a myriad of opportunities for investors looking for Nasdaq stocks to buy now. The Nasdaq-100 has been on a spectacular rally, leaving the Dow Jones Industrial Average behind. The Nasdaq is made up of companies in varying sectors including technology, healthcare and consumer goods. But the technology sector has been the driving force behind the Nasdaq’s relative outperformance. This will likely continue to be the case as we enter the second half of the year.

But the non-tech plays in the Nasdaq 100 have also been pulling more than their fair share of weight. Whether you’re a seasoned investor or just starting your portfolio, these three Nasdaq stocks to buy now offer great growth opportunity. These stocks, while still quite hot, do not look too expensive given the tailwinds that may be sticking around for a while longer.

Costco (COST)

Short-Term Profit Taking May Take a Bite out of the Costco Stock Price
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Big-box retailer Costco (NASDAQ:COST) has continued its impressive rally this year with a solid 32% gain year-to-date (YTD). Though with COST stock trading at 53.5 times trailing price-to-earnings (P/E), the retail behemoth may need more than membership price increases to continue its nearly parabolic run into the second half of the year.

A membership fee hike hasn’t been announced yet, but it’s overdue. Such a move could help jolt Costco’s bottom line. Considering Costco’s substantial value to its members, any fee hikes would likely meet with minimal consumer complaints.

Beyond price hikes, Costco has an opportunity to further embrace automation to save on labor costs. Costco pays its employees better than the average, so any moves to streamline its workforce could be a huge long-term margin booster. Doubling down on tech at the self-checkout stations could cut down on theft while freeing employees to do other work, not to mention improving the customer experience.

Costco has several avenues to increase profitability. It is also at the top of its game in a sector that will continue to see stability even as the economy fluctuates. This makes COST one of the solid Nasdaq stocks to buy now.

Netflix (NFLX)

Netflix (NFLX) logo displayed on smartphone on top of pile of money.
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Netflix (NASDAQ:NFLX) is starting to get expensive again after outpacing the Nasdaq 100 to an impressive gain of 45% YTD. With all-time highs in sight again, the big question is if there’s enough enthusiasm or catalysts to power such a breakout.

Undoubtedly, live sports is a major growth pathway that Netflix has focused on. Though the widely anticipated boxing match between Mike Tyson and Jake Paul is off due to Tyson’s health scare, Netflix doesn’t seem content with hitting the brakes on its sports-streaming push.

Reportedly, the company is close to striking a deal to air NFL games on Christmas. Combined with the WWE deal, which kicks off in January 2025, and the possibility of giving the sport of boxing another hit, it’s clear Netflix is serious about its sports push.

However, it remains to be seen whether the sports expansion will generate increased growth. Either way, NFLX stock is a top Nasdaq momentum play, even at 47.1 times trailing P/E.

Qualcomm (QCOM)

With 5G Already Priced in, You Can Do Better Than Qualcomm Stock
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Qualcomm (NASDAQ:QCOM) stock exploded higher in recent months as investors rushed into the neglected edge artificial intelligence (AI) play. Even after a 53% surge so far this year, QCOM stock still looks quite cheap at 28.8 times trailing P/E.

With shares recently nosediving 5% on Thursday on reports that some of the new Qualcomm Snapdragon-powered AI PCs are having issues running popular software applications and video games, questions linger as to whether Qualcomm is still the best way to play an AI hardware refresh cycle.

Indeed, it can be quite frustrating that some applications aren’t running smoothly on new computers. However, such compatibility woes will likely be resolved in due time. Apple (NASDAQ:AAPL) survived after it went through the same transition when it moved from Intel (NASDAQ:INTC) to its M-series chips. If software compatibility issues extend a further pullback, investors who missed QCOM on the way up may have another shot.

On the date of publication, Joey Frenette held shares of APPL. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Joey Frenette is a seasoned investment writer specializing in technology and consumer stocks. Contributing to the Motley Fool Canada, TipRanks, and Barchart, Joey excels in spotting mispriced stocks with long-term growth potential in a fast-paced market.


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