The blue-chip Dow Jones Industrial Average started the year outperforming other major stock indexes, even as technology stocks tumbled. The Dow Jones Industrial Average was little changed in the first week of 2024, down about 0.3%, while the S&P 500 and Nasdaq Composite were down 1.3% and 2.9%, respectively. Following a strong year for megacaps in 2023, tech stocks led the decline. So for investors looking to find cheap stocks within the blue-chip average, we used the CNBC Pro Stock Screener to identify the most attractive stocks with high industry conviction. Wall Street analysts. Introducing the currently most attractive stocks among the 30 stocks in the Dow Jones Industrial Average. The screening criteria are as follows: The current price-to-earnings ratio discounts the five-year average P/E ratio. The forward P/E ratio is also lower than the five-year average P/E ratio. The consensus price target calls for at least 5% upside going forward. Chevron is the stock selling at the biggest discount in the Dow Jones Industrial Average. The energy name fell nearly 17% in 2023, but rose 1.3% in the new year. The consensus price target from Wall Street analysts suggests Chevron could rise 17% over the next 12 months. Nike is also on the list. The iconic athletic shoe maker's stock has fallen since mid-December, when it lowered its fiscal year earnings outlook and announced a $2 billion cost-cutting plan. But Wall Street analysts seem to believe Nike will rebound, with consensus forecasts pointing to a 19% rise in the stock price. Other stocks on the Dow's cheap list included Cisco Systems, Coca-Cola, Procter & Gamble, Walmart, McDonald's and Visa.
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