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As the Federal Reserve increased interest rates seven times to combat inflation in 2022, the market suffered. Despite reduced inflation in October and November, many analysts believe the U.S. central bank will raise rates once more the following year, with many industry professionals projecting a recession.
The NASDAQ index has fallen over 33% so far this year owing to headwinds, and some high-quality Nasdaq companies may be selling below their intrinsic values as a result.
Finbold has highlighted five of the finest NASDAQ stock selections for January 2023 below. Long-term investors may profit from a well-diversified portfolio of stocks across many industries, and many may take advantage of the recent stock market dip to purchase some of them.
Tesla (NASDAQ: TSLA)
Since the firm went public 12 years ago, Tesla's (NASDAQ: TSLA) stock has theoretically never been more oversold than it is now as of December 28. TSLA is the stock that has done the poorest in comparison to the S&P 500 index during the past three months, with a price decrease of 60.2%.
United Airlines (NASDAQ: UAL)
One of Wall Street's most pessimistic financial services companies, Morgan Stanley, has named United Airlines (NASDAQ: UAL) as a top airline option.
A number of encouraging factors were mentioned by Morgan Stanley analyst Ravi Shanker, including a resurgence in foreign travel as well as a new contract that United signed with its pilots.
The airline's "profits recovery out of the epidemic has kept pace with, if not led, peers," according to Shanker, who went on to state that public concerns about the business's profitability had been allayed.
Coinbase (NASDAQ: COIN)
America's largest cryptocurrency exchange, Coinbase (NASDAQ: COIN), appears to be ending the year on a downer, with diminishing revenues and profits. The price of Coinbase's shares has dropped to an all-time low this year, hovering around the lows in a range between $31.83 and $49.85 for the past month.
With the stock of the firm down around 23.19% in the past month alone and nearly 87% over the course of the whole year for Coinbase investors, this ends a terrible 2022.
Rivian (NASDAQ: RIVN)
Rivian (NASDAQ: RIVN) had a difficult year in 2022, but as supply networks begin to recover from the pandemic's impacts, 2023 may mark a turning point for the firm. If Rivian can successfully increase its manufacturing, it may prosper in 2023.
Increasing automobile manufacturing is challenging. Making this company a significant producer of these cars won't be easy; it will cost a lot of money and effort. The corporation does have a lot of cash on hand; in fact, it has $14 billion in cash and equivalents, which suggests that it will be able to fund its management operations through at least 2025. It thus has a strong foundation there in relation to it.
Digital World Acquisition Corp (NASDAQ: DWAC)
Trump SPAC Digital World Acquisition (NASDAQ: DWAC), which is going public with Trump's social media platform and app Truth Social, acknowledged extending the deadline for a corporate merger to March.
Depending on how investors feel about Trump's exclusive use of the platform, the stock price has gone up and down. It is now difficult to predict whether or not the merger will occur due to the continuing investigations being carried out by the DOJ and SEC.
But since industry sources are certain that the deal will go through, things seem a little brighter for DWAC in 2023.
4.185 SRY