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According to the U.S. Commerce Department, retail sales rose a seasonally adjusted 1.7% in October. In addition, the unemployment rate fell to 4.6% in October, its lowest level since the economic recovery began in May 2020. Furthermore, Goldman Sachs (NYSE:GS) expects the economic recovery to reaccelerate in the coming quarters, driving the unemployment rate back to a 50-year low by the end of next year.
Against this favorable backdrop, we think it could be wise to bet on fundamentally-strong stocks WM Technology, Inc. (MAPS) and Enthusiast Gaming Holdings Inc. (EGLX). Though these companies missed earnings estimates in their last reported quarter, they have the potential to soar in price this month and beyond. Wall Street analysts expect these stocks to rally more than 85% in the near term.
