S&P 500 Sell-Off: 1 Bargain-Basement Semiconductor Stock to Buy Right Now
The S&P 500 had a dream run in the first half of this year, gaining over 15% with practically no volatility. However, a correction was inevitable because history tells us that markets don't rise in a straight line. As a result, the index hit a wall in mid-July and has since declined by almost 6%.
The information technology sector of the S&P 500 is leading the drop, with a 12.8% loss in the last four weeks. It includes stocks like Amazon and Nvidia, which are down 14% and 20%, respectively. But this could be a great opportunity for long-term investors to buy stocks at a discount.
Axcelis Technologies (NASDAQ: ACLS) is one tech stock in the semiconductor industry with significant potential for strong returns in the coming years. It's down 31% since July and substantially cheaper than its peers, based on one widely used valuation metric. Let's take a closer look at where its business is headed.
Source Fool.com
