The evershifting and fast-moving stock market often rewards the forward thinkers. What is up today could be down tomorrow, all from some unforeseen development. Yet, insight into the ongoing trends could have you better prepared to handle all the minutia of finance. With that being said, we’ve identified 6 of the best stocks to buy in October.
With companies preparing their Q3 earnings report, there is tremendous potential for benefit this month. Intel (INTC) is looking to bounce back from its rather disappointing Q2 results, which could have it in line for a Halloween surge. Who else could join it as a key gainer throughout the month?
6 Best Stocks to Buy in October
Nvidia (NDVDA)
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Any discussion revolving around the best stock to buy has to begin with Nvidia (NVDA). The AI chipmaker has dominated the market, becoming one of the most popular investment options. It currently boasts a $1.2 trillion market cap and a dividend yield of 0.04%. Moreover, it has a $9.87 earnings per share (EPS) figure.
The leading designer of graphics processing units (GPU), it has become a key technology factor in both mobile computing and automotive. Amid the rising demand for generative AI, Nvidia has proven paramount. Its evolution into a key stock option is undeniable considering its rise throughout 2024.
The popularity of GPU markets makes it a clear top-buy option. What’s more important is that the company has shown underwhelming earnings and capital depreciation. This shouldn’t alarm investors, however, due to the strength of the market. Instead, it provides a clear opportunity in its entry point, as it should be set to surge throughout the year.
Nvidia has assured its position due to the essential nature of what it provides. Therefore, a bet on the AI sector is a bet on NVDA. Since all experts predict the sector is here to stay, there should be consistent demand for the chipmaker. Moreover, its value should continue to increase.
Amazon (AMZN)
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There are few companies that hold the cache and overall cultural relevance of Amazon (AMZN). The internet retail company has a market cap of $1.5 trillion and is among the most valuable brands in the modern world. Although it doesn’t feature a dividend yield, the stock has a $2.90 EPS figure.
The key draw of Amazon is in its diversification efforts. No longer simply an e-commerce platform, recent years have seen it explore the digital streaming, cloud computing, and artificial intelligence space. That bodes well for investors, as they have all seen increasing demand.
That business model remains the key reason why AMZN is among the top 6 best stocks to buy in October. Moreover, it has proven to be a strong brand. The company has continued to weather the storm of economic frailty to be a dominant and ever-present company.
That dominance shows no sign of slowing. Amazon Web Services (AWS), its cloud computing platform, has been the key reason for its profitability thus far. With tremendous growth figures and $22.1 billion in net sales, it is reason alone to eye the stock as a key buy this month.
Microsoft (MSFT)
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Speaking of prominent brands making a name in the tech space, Microsoft (MSFT) remains a great stock buy in October. With a market cap of $2.8 trillion, the software infrastructure and technology company offers a dividend yield of 0.8% with an $11.24 EPS.
In 2024, Microsoft is still top technological and software development firm. The Windows operating system creator has seen their products thrive, with strategy and positioning as the key factors to why they remain a top buy option.
Similar to Amazon, Microsoft’s Azure Cloud computing program has been a key expansion project. Moreover, they have embraced the competition of the AI sector. Throughout the last year, it has sought to continue developing its machine-learning technology.
These facets are crucial to prominence in a post-ChatGPT world. Additionally, the expansion efforts are poised to drive the value of the company even higher in the coming years. Current projects have MSFT eyeing a $1.6 trillion market cap by 2030. Buying in this October could be the perfect entry point to get ahead of that tremendous growth.
Telsa (TSLA)
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Of all six of the best stocks to buy in October, none has more hype this week than Tesla (TSLA). The automobile manufacturer has a market cap of $780 billion, a P/E ratio of 57, while having no dividend yield or EPS figure currently.
Tesla has built a notable following behind eccentric head Elon Musk while becoming a leader in the electronic vehicle development space. There is no manufacturer as connected to the development of renewable energy automobiles than Tesla, and that is not set to change any time soon.
The company is still riding the wave of its Cybertruck, while adding even more hype through its Robotaxi. Through their recent We, Robot event, the company showed a propensity to shift into the AI space, despite Musk’s consistent opposition to the sector.
That could be huge for TSLA. The popularity and demand for AI tech could drive the stock even higher. If it can make good on the hype, it could have a notable value surge in store. The stock would be a long-term investment with some notable risks but could be a massive success in the coming years.
JPMorgan (JPM)
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As a deviation from the tech-heavy stock focus of October, JPMorgan (JPM) is another key buy for investors this month. The financial services and banking firm currently has a market ca of more than $495 billion, with a P/E ratio of 11 and a dividend yield of 2.7%.
JPMorgan is among the largest and most important financial institutions in the United States. A leading investment bank, the plethora of services that it offers has maintained its vital position in the overall finance sector. That alone makes it an important stock to purchase this month.
The diversification is what separates JPMorgan from other financial institution stocks. The company had shown Q3 earnings that surpassed expectations. Net income for the firm increased 35% this year, surpassing $13.2 billion.
Additionally, the bank had acquired First Republic Bank in May of last year. Altogether, these showcase a clear value and strategy focus for the firm. That should continue heading into the next year, with the stock being in prime buy position throughout October.
Uber (UBER)
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Finally, Uber (UBER) remains a key stock to buy in October. There is no company that may be having a better Friday than the courier services. In the last 24 hours, it has increased more than 9.2%. Moreover, the company saw its stock reach an all-time high of $82.47.
In most cases, this would be a horrible time to buy in. However, it will be beneficial if Uber can leverage its interest. Additionally, the increase doesn’t appear to be a flash in the pan. The stock price has increased almost 70% in the last year. Therefore, it does appear that positive performance and ongoing surge do have leg.
BMO Capital has recenlty maitnained the Outperform rating for teh stock. Mroeover, they have given it a $92 price target. Considering ints recent perforacen, taht certainly looks to be a realistc trajectory.
With Tesla underwhelming in its auto-driving taxi vehicles, Uber looks to continue its dominance in the space. All eyes are on Telsa and the Cyber Cabs planned 2026 launch. If it falters on its loft ambitions, Uber has proven to be the beneficiary. Although it is an equal risk, it could be a good bet if you’re not idealistic regarding the technological change to the robust ride-sharing industry.
