After two years of a roaring bull market, the S&P 500 just had its worst month since 2022, falling 5.8% in March. Multiple factors are pressuring stocks, including fears about President Donald Trump's trade war, weakening consumer sentiment, valuation-related pressure, and inflation remaining higher than the Fed's target of 2%.

Picking stocks might seem difficult now amid some fears of a recession, but stock market sell-offs offer great opportunities to buy stocks as many excellent companies are trading at a discount. Keep reading to see two of these top stocks that are worth buying and holding for the next five years.

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1. Taiwan Semiconductor

Taiwan Semiconductor Manufacturing (TSM -7.58%), the world's largest contract chip manufacturer, has one of the widest economic moats in business. The company is a linchpin in the global economy as it's the primary chip manufacturer for companies like Apple, Nvidia, Advanced Micro Devices, and Broadcom.

That's been a favorable position to occupy in recent years, especially during the AI boom, and TSMC's sales and profits have soared. Taiwan Semiconductor, or Taiwan Semi for short, is also the leading producer of advanced chips in the world with a market share of around 90%, making the company especially valuable in the AI era.

However, the semiconductor industry is cyclical, and that's prompted a sell-off in TSMC stock as the broad market has pulled back. As of March 31, Taiwan Semi stock is down 26% from its recent peak, setting up an attractive buying opportunity.

TSMC stock currently trades at a price-to-earnings (P/E) ratio of 24.3, essentially on par with the S&P 500 even though it's growing much faster.

Though its exposure to Taiwan and the risk of Chinese invasion have driven some investors away, the company is diversifying its manufacturing base around the world. It was awarded billions from the CHIPS Act, and the company announced a $100 billion investment in the U.S. at the White House a month ago.

Taiwan Semi's revenue growth, which was 39% in the fourth quarter, could slow if the global economy weakens, but the tailwinds from AI are undeniable and should propel the company's growth over the long term. With clear leadership in a massive and growing industry, and a great price after the sell-off, TSMC looks like a no-brainer stock to hold for the next five years.

2. The Trade Desk

Another beaten-down stock that looks like a steal right now is The Trade Desk (TTD -12.91%), the leading demand-side platform (DSP) in the ad-tech industry.

Shares of The Trade Desk plunged on its Q4 earnings report in February as the company missed its revenue guidance for the first time ever as a public company. While CEO Jeff Green was quick to own the shortfall, saying it was due to internal errors rather than competition, advertising headwinds, or another outside factor, the sell-off wasn't entirely the result of internal errors, as the stock was priced for perfection heading into the report.

We may need to see another earnings report from the Trade Desk to be sure that the Q4 report was an outlier rather than the start of a new trend, but after falling 60%, the stock is worth scooping up at the current price.

Although its Q4 results might have been worse than expected, the company still showed solid growth with revenue up 22% to $741 million. Like semiconductors, advertising is a cyclical business, but The Trade Desk delivered strong results in 2022 when much of the advertising industry was struggling.

Based on its adjusted earnings, the stock now trades at a P/E ratio of 33, which looks like a good price to pay for this longtime industry leader. The Trade Desk still has a lot of growth opportunities in AI, Connected TV, and beyond, and with its track record and valuation, it's a good bet to outperform over the next five years.