Stock Market Drops 3,000+ points‼️

Jeremy Lefebvre Makes Money•Mar 20, 2026

Summary

Jeremy provides a comprehensive analysis of the current market volatility, noting that the Dow Jones has dropped significantly within just 19 days. He characterizes the current environment as a 'slow drifting down market' rather than a sudden crash, which he believes is an ideal time for disciplined buyers to accumulate shares. Jeremy emphasizes that while macroeconomic pressures—such as the hawkish Federal Reserve and rising Brent oil prices—are weighing on sentiment, they do not diminish the long-term value of top-tier companies. He specifically addresses the 'CapEx concerns' surrounding Meta and Amazon, noting that while their massive spending on AI infrastructure is scaring some investors, the underlying businesses remain robust.

Jeremy also reacts to market commentary regarding the weakness in the financial sector, agreeing that it is difficult to maintain a bull market when major banks like Wells Fargo are in bear market territory. However, he remains optimistic about specific opportunities in consumer goods and technology. He discusses price entry points for several favorites, suggesting that the current dead real estate market makes cyclicals like Whirlpool attractive. He also highlights the importance of buying stocks when sentiment is at its lowest, rather than chasing high-flyers during euphoria.

Microsoft (MSFT): Jeremy argues that Microsoft is a clear buy despite being down 20% year-to-date, citing the rapid growth of the Azure cloud business. He notes that the stock is trading at a low historical P/E ratio and expresses interest in personally buying it for the first time. He believes Microsoft has better reward potential than Apple in the current AI landscape.

Micron (MU): While Micron reported blowout earnings and guidance that exceeded analyst expectations by $10 billion, Jeremy advises caution on the timing. He explains that Micron is a highly cyclical business and the best time to buy is typically when everyone is negative and the stock has crashed, rather than after a massive run-up. He acknowledges the CEO's point that memory supply will remain tight until 2028.

American Express (AXP): Jeremy expresses strong bullish sentiment for American Express, stating that he loves the stock at its current 16 forward P/E. He suggests that any valuation under a 20 forward P/E is an excellent entry point for such a high-quality company. He considers it a 'sleep well at night' stock that he intends to buy heavily over the coming months.

e.l.f. Beauty (ELF): Jeremy describes this stock as a 'steal deal' whenever it trades below $100. Even at levels under $150, he views it as a strong buy due to its ability to be sold across various retail channels. He prefers e.l.f. and Estée Lauder over retailers like Ulta because they control their own brand destiny.

Mentioned Stocks

Sentiment: HOLD

Reasoning: Despite blowout numbers and guidance $10 billion ahead of estimates, Jeremy says it's not the best time to buy because the stock is cyclical and hasn't gone through a crash/negative sentiment phase yet.

Loading chart...

ELF