Global stock markets plunged Friday as investors worried about the future sustainability of the European Union after the Brexit vote. Shares of companies that are not directly affected by the European political turmoil were unfairly punished because of the risk-off mentality of the market, and they may present a buying opportunity.
The United Kingdom's move to exit will have serious ramifications as it opens the door for other European Union countries to leave, adding uncertainty to the continent's economy and future. But it may also be one great big buying opportunity for stocks that have little to lose from that fallout.
"Investors should consider pullbacks as a time to make shopping lists of desirable opportunities, as well as time to seek 'babies thrown out with the bathwater' during market volatility," Oppenheimer chief investment strategist John Stoltzfus wrote in a note to clients Friday.
Goldman Sachs strategist David Kostin gave clients this month a list of domestic U.S. companies with the least international exposure. The firm has been telling clients to buy these stocks because of the Brexit vote and other macroeconomic uncertainties.