10 Stocks With Easy Double-Digit Gains

1. Figure Technology Solutions, Inc. (NASDAQ:FIGR)

Figure Technology rallied to a new all-time high on Monday as investor sentiment was fueled by expectations of more rate cuts in the next Federal Reserve meeting.

At intra-day trading, Figure Technology Solutions, Inc. (NASDAQ:FIGR) soared to its highest price of $53.53 before trimming a few cents to finish the day just up by 21.67 percent at $53.22 apiece.

Economists are expecting the US central bank to implement two more rate cuts in the next Federal Open Market Committee meetings, despite Minneapolis Fed President Neel Kashkari’s belief that the Fed should stop lowering interest rates.

Kashkari, who will rotate as a voting member of the FOMC this year, said that “we’re pretty close to neutral right now.”

“We just need to get more data to see which is the bigger force. Is it inflation or is it the labor market? And then we can move from a neutral stance, whatever direction is necessary,” he noted.

The Fed is set to announce its decision on benchmark rates on January 29, where businesses and investors will closely monitor whether policymakers will continue the three consecutive rate cuts delivered last year.

Any rate cut is set to benefit Figure Technology Solutions, Inc. (NASDAQ:FIGR), its lending counterparts, as well as the highly rate-sensitive residential market, as lower borrowing rates could spark more demand for mortgages, refinancing, and home equity loans.

While we acknowledge the potential of FIGR to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than FIGR and that has 100x upside potential, check out our report about this cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. Insider Monkey focuses on uncovering the best investment ideas of hedge funds and insiders. Please subscribe to our free daily e-newsletter to get the latest investment ideas from hedge funds’ investor letters by entering your email address below.