3 Incredibly Cheap Blue-Chip Stocks to Buy Right Now

Bear markets are never fun. Good news often doesn't reach investors, blue-chip stocks rarely prove to be rock-solid safe havens, and important sources of passive income like dividends can dry up as companies rethink their capital allocation strategies.

But history has shown that bear markets are the best times to buy stocks and hold them for long periods. US stocks have recovered after every bear market since the infamous stock market crash of 1929.

Amazon

E-commerce giant Amazon has lost a staggering 32% of its value this year. Amazon's shares have been under heavy pressure throughout the year amid concerns that higher interest rates will boost spending and slowing economic growth in the US will reduce consumer spending. While these macroeconomic concerns are certainly valid, this negative sentiment has arguably been overdone. To underscore this point, Amazon's shares are currently trading below twice their 2023 projected sales. Shares of the online retail giant have never been this cheap since 2016. But this rock-bottom valuation isn't the only reason to buy the stock.

Apple

Like almost all premium-laden tech stocks, Apple's shares have plummeted in 2022. At the time of writing, for example, the iPhone maker's shares are down 22% for the year. But bargain hunters shouldn't hesitate to capitalize on this weakness. The bottom line is that Apple's diverse ecosystem of products - iPhone, Apple Watch, AirPods Pro and Apple Music - is beloved by its users. As a result, the tech giant should have no trouble posting another year of positive revenue growth in 2023, despite the softening US economic outlook.

AstraZeneca

British and Swiss drugmaker AstraZeneca has been firing on all cylinders lately. Thanks in large part to its world-class cancer franchise, the company significantly raised its 2022 revenue forecast earlier this year, a move that helped the stock post a healthy 12.7% gain in the first seven months of the year. Source: Microsoft start The investment information, comments and recommendations contained herein do not constitute investment advice. Investment advisory services are provided on a personalized basis, taking into account the risk and return preferences of individuals. The content, comments and recommendations contained herein, which are in no way directive in nature, are of a general nature. These recommendations may not be suitable for your financial situation and risk and return preferences. Therefore, making an investment decision based solely on the information contained herein may not produce results in line with your expectations. Follow Global Economic Developments on Social Media! Click here to follow Ieconomy official Facebook account! Click here to follow Ieconomy official Instagram account! Click here to follow Ieconomy official Twitter account!