3 stocks to consider buying as bearish sentiment recedes

Advance Auto Parts Inc, Tilray, Inc., HEXO Corp. are currently leading the list of down-trending stocks.

Markets are mixed with Dow Jones slipping 0.35% and closing at 33,646. Nasdaq goes up 0.16%, trading at 13,261.

Current market events are being influenced by ambiguous macro data as United States ISM Non-Manufacturing PMI (May) released today at 14:00 UTC with a figure of 50.3, while the previous figure was 51.9.

What is a downtrend?

The perceived tendency of a price to move in a downward direction over time. A downtrend describes the price movement of a continously depreciative financial asset over a particular time frame. In a downtrend, each successive low and peak is lower than the ones found earlier in the trend. The downtrend is therefore composed of lower swing lows and lower swing highs.

| Advance Auto Parts | 44.62% decline over 9 days

Advance Auto Parts Inc drops 2.1% since opening around $67.5 Friday's session ended at $67.56; today, the car parts supplier dropped to its lowest point in 10 years at $65.7. It later recovered 44 cents and is now trading at $66.14. While bearish sentiment is dominating the market, the US auto aftermarket parts provider is maintaining its poise around $66.14 while ranging between $65.7 and $68.4 so far today. Advance Auto Parts distributed a dividend of $1.5 per share on Friday, April 28th for all shareholders on record up until Friday, April 14th. Based on current prices, the decision means shareholders are receiving an annualised dividend yield of 9.07%.

| Tilray | withdraws to $1.69 while on a 9 day downtrend

Tilray drops 1.6% since opening around $1.75 the US pharmaceutical and consumer packaged goods company slides down from $1.72 to $1.69, losing 2.76 cents (1.6%).

| HEXO Corp. | goes down to 95.57 cents while on a 12 day downtrend

HEXO Corp. drops 4.43% since opening around 99 cents the cannabis product maker slides down from $one to 95.57 cents, losing 4.43 cents (4.43%). HEXO Corp. is scheduled to announce earnings results Monday. The consensus EPS estimate is -0.01 and the consensus revenue estimate is $18.77 million.

The company trades at 95.57 cents ahead of quarterly performance report which is scheduled to be released Monday.