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The outlook for 2024 outlook is mixed. On one side, the U.S. Fed has hinted at interest rate cuts, raising hopes of a revival in interest rate-sensitive sectors like real estate and automotive. Conversely, the World Bank expects global GDP growth to slow to 2.4% in 2024 from 2.6% in 2023. A slower GDP growth affects demand in automotive and real estate. Looking at the macroeconomic situation, which stocks should you buy in 2024 and which you should avoid?
Two stocks to buy in 2024
Two stocks have been in a downtrend for the last two years due to short-term headwinds and industry weakness. However, they have strong fundamentals and future growth prospects, making them value stocks to buy and hold.
Magna stock
Magna International (TSX:MG) stock fell 39% from its all-time high in July 2021. The automotive sector is not the most profitable as the market has matured. However, electric vehicles…
