To say that the stock market has been volatile lately doesn't do the situation justice. The S&P 500 (^GSPC -0.23%) and several other major market indexes recently fell by more than 10% over a two-day period in response to President Trump's surprisingly high tariff rates. The S&P 500 is now 18% below its February high, and with a 23% drop, the Nasdaq Composite (^IXIC 0.10%) is now firmly in bear market territory.

While this is certainly a turbulent situation and nobody enjoys watching the value of their investments fall, situations like these can be good opportunities to put money to work in rock-solid companies at a discount. With that in mind, here are five excellent stocks you can buy right now, all of which have lost more than one-fourth of their values in the recent downturn.

1. Amazon.com

Amazon.com (AMZN 2.61%) is down by nearly 30% from its 2025 peak for a few reasons. For one thing, many of the products sold on its marketplace are imported and likely will be impacted by tariffs. On the Amazon Web Services (AWS) side of the business, there's concern that economic turbulence could cause companies to pump the brakes on cloud and artificial intelligence (AI) spending.

Amazon.com is a fantastic business with lots of room to grow on both sides. E-commerce still only makes up just over 15% of U.S. retail sales, and the cloud computing market is expected to roughly quadruple in size by 2032, which should be a big tailwind for AWS. If the impressive margin expansion seen in recent years continues, Amazon.com could be a bargain right now.

2. Alphabet (Google)

Best known for its Google subsidiary, Alphabet (GOOGL 0.78%) (GOOG 1.04%) looked rather cheap before the recent market downturn. After falling by 29% from its peak, it looks even more compelling now.

Alphabet is a rare mix of a relatively mature and dominant business (Google) and a business with massive growth potential in Google Cloud, which along with AWS and Microsoft Azure, is one of the "big three" cloud infrastructure providers. It's massively profitable (29% net margin) and has almost $96 billion in cash and equivalents on its balance sheet. At less than 17 times forward earnings and 14% year-over-year revenue growth in 2024, this "Magnificent Seven" stock could be an excellent opportunity.

3. Ally Financial

Ally Financial (ALLY -2.41%) is a bank that focuses on auto lending and consumer deposit accounts and is trading for 27% below its 52-week high. And it's easy to see why. Most economists agree that the chance of a U.S. recession has increased significantly in recent weeks, and this could lead to a combination of weak loan demand and higher defaults as customers struggle to keep up with their bills.

However, this highly profitable business is the largest indirect auto lender in the United States and recently decided to exit some of its non-core businesses to focus on efficiency and maximizing its core auto-lending business. The bank's loans are generally high credit quality. While delinquencies have ticked upward a bit, there isn't any big cause for alarm from a long-term perspective.

4. Shopify

Shopify (SHOP 2.57%) has been one of the hardest hit e-commerce stocks in the market. Considering that it's a truly international platform, it's not hard to see why it could be impacted by tariffs. The stock is now down by 41% from its 52-week high, and it could be a second chance to take a closer look at this winning business.

Despite the decline, Shopify's business entered 2025 with serious momentum. It reported 26% year-over-year revenue growth in 2024, as well as over $2 billion in net income, and expects to grow at a "mid-twenties percentage rate" again this year.

5. Advanced Micro Devices

Advanced Micro Devices (AMD -2.87%), better known as simply AMD, is the latest addition to my personal portfolio. After the recent market downturn, I'm planning to buy even more.

AMD often gets overlooked by investors because it's in a distant second place to Nvidia when it comes to data center graphics processing unit (GPU) chips, but it's starting to gain serious traction. Plus, it's been taking share of the PC and laptop CPU market from Intel for years, is a leader in gaming chips, and also has some massive opportunities in embedded chips for applications, including autonomous vehicles.

Shares are down by 53% from their 52-week high and the stock is trading at a valuation of just 18 times forward earnings despite strong growth (especially in the data center segment). This could be a steal for long-term investors.

Not an exhaustive list

There are many other bargains in the stock market right now, so this isn't meant to be a complete list. But these are five excellent businesses that should be just fine over the long term, even if they might get some short-term impacts from the tariff plan. Just be sure that you approach all of these as long-term investments, as whatever happens with the tariff situation, the markets could remain volatile for some time.