Many investors are focused right now on the potential positive impact on growth stocks of multiple impending interest-rate cuts by the U.S. Federal Reserve later this year. But there's one promising business in a different country that I think deserves even more attention.

If you have $1,000 you want to put to work in the stock market right now, I think Brazilian fintech stock (NASDAQ: STNE) is worth considering. In fact, though StoneCo shares have risen an impressive 74% over the past year as of this writing, I think it could further cement its status as the ultimate growth stock when all is said and done in 2024.

After raising the U.S. federal funds rate at an unprecedented pace starting in March 2022 in an effort to curb inflation, the U.S. Federal Reserve indicated at least three rate cuts are on the way in 2024. That's widely considered great news for stocks in part as it makes them more attractive to fixed-income alternatives. But it's especially good for yet-to-be-profitable growth stocks that tend to be particularly sensitive to higher rates.

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Source Fool.com