3 S&P 500 Stocks to Buy on the Dip: August 2024

Market Overview - The S&P 500 has increased by 21% over the last year, but experienced a 9% decline from July 16 to August 5 due to economic instability and a drop in Japanese markets, followed by a recovery of 5% as of August 13 [1] American Express (AXP) - American Express has seen a share price increase of 44% over the past year, recently experiencing a 10% decline but is now recovering [2] - For Q2 2024, American Express reported an 8% increase in total revenue and a 39% rise in net income year-over-year, with over three million new card signups, primarily from Gen Z and millennials, who now represent about 60% of new customers [2][3] Costco Wholesale (COST) - Costco's share price has risen by 57% over the past year, with a recent 6% decline during the stock market dip, which is now recovering [5] - In Q3 of fiscal year 2024, Costco reported a 9% increase in total revenue and a 29% rise in net income year-over-year, alongside an announcement to raise membership fees from $60 to $65 for primary memberships and from $120 to $130 for executive memberships [5] Seagate Technology (STX) - Seagate Technology's share price has increased by 45% over the past year, with a 15% decline during the recent stock market dip, which is also in the process of recovery [6] - For Q4 FY 2024, Seagate reported an 18% increase in total revenue year-over-year, shifting from a net loss of $92 million in Q4 FY 2023 to a net income of $513 million in Q4 FY 2024, beating analyst predictions and providing solid guidance for Q1 FY 2025 with expected revenue of $2.1 billion [6][7]