COVID-19 cases may cause an S&P 500 correction, analyst says. Buy these stocks in the next dip.

It’s a rough start to the week for markets. Dow industrials tumbled more than 800 points, following European and Asian stocks lower and setting the tone for turbulence ahead.

Daily U.S. COVID-19 cases are approaching the 30,000 mark, but there is a risk that infections could go “parabolic” with the spread of the delta variant, and rise to around 100,000, Lee said. While the S&P 500 was up 0.7% in July as of the end of last week, “this belies the violent sector rotations taking place within the broader market,” Lee said.

Lee is bullish on “epicenter” stocks — shares in companies battered by the pandemic and set to benefit from the reopening — like travel, consumer discretionary, energy, and basic materials. As well, Fundstrat is overweight on Big Tech, with the likes of Facebook FB, +5.30%, Apple AAPL, +1.20%, Amazon AMZN, +0.51%, Netflix NFLX, +0.71% and Google owner Alphabet GOOGL, +3.58% considered strong picks.

Zoom plans to buy Five9 FIVN, -1.05% in an all-stock deal valuing the provider of cloud contact center solutions at $14.7 billion. The acquisition is meant to help Zoom ZM, -0.60% — which became a ubiquitous form of video communication through the pandemic — expand further into the enterprise market.U.S. stocks were experiencing a rough day DJIA, +0.68% SPX, +1.01% COMP, +1.04% as analysts note that investors focus centers on the risk to markets from rising COVID-19 cases globally.

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