July 20, 2024

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2 Magnificent Growth Stocks to Buy Now for the Bull Market

2 min read

The S&P 500 is the most popular barometer for the U.S. stock market. The index entered bull market territory on Oct. 12, 2022, and it has surged 53% during the 20 months since then. But history says the stock market is headed higher.

The S&P 500 returned an average of 184% during past bull markets, and it realized those returns over roughly 64 months. If the current bull market aligns with the historical average, the index will advance 131% over the next 44 months. But even if those gains fail to materialize, investors have good reason to believe the stock market will soar in the long run.

The S&P 500 returned 2,010% over the last 30 years, compounding at 10.7% annually. That period encompasses a broad enough range of economic conditions that similar returns are likely in the coming decades. Armed with that information, patient investors should be putting money into the stock market today.

Here’s why Shopify (NYSE: SHOP) and Paycom Software (NYSE: PAYC) are worth buying.

Shopify: A leader in retail e-commerce software that is gaining momentum in wholesale

Shopify offers a turnkey solution for commerce. Its platform supports merchants across physical and digital sales channels, including online marketplaces, social media, and direct-to-consumer websites. The company also offers adjacent solutions for marketing, payments, and logistics. Additionally, its enterprise-grade platform, Shopify Plus, features more functionality for larger businesses, including business-to-business (B2B) commerce tools, also known as wholesale commerce.

Last year, research company Gartner recognized Shopify as a leading provider of digital commerce software, awarding the company the highest score for its ability to execute. This year, Forrester Research recognized Shopify Plus as a leading B2B commerce platform. Both reports mentioned rapid innovation as a key advantage. As an example, Shopify recently debuted a generative artificial intelligence assistant called Shopify Magic that can write…

2024-06-21 07:40:16

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