The stock market is currently experiencing a significant correction that has raised concerns among investors. As of the close of trading on Friday, April 4, the Nasdaq 100 Index has plummeted by an alarming 21.6% from its all-time highs. This decline officially qualifies the index as being in a bear market, characterized by a sustained downturn in stock prices. Meanwhile, the S&P 500 Index, although not yet reaching the 20% threshold necessary to declare a bear market, has also shown troubling signs, currently sitting 17.5% below its peak levels.

This market correction, largely attributed to escalating tariffs and associated economic fears, has caused a wave of panic among many investors, prompting them to sell off their holdings in a rush to minimize losses. However, savvy contrarian investors see this tumultuous time as an opportune moment to acquire stakes in high-quality businesses that are now being offered at reduced prices. Below, we highlight two stocks that present compelling buying opportunities during this Nasdaq market correction.

1. Alphabet's Long-Standing Dominance

First on our list is Alphabet Inc. (NASDAQ: GOOG) (NASDAQ: GOOGL), the parent company of Google. Currently, shares of Alphabet have dropped 29% from their all-time highs, and they are trading at a lower price point than they were in November 2021. This notable decline has been a tough pill for many shareholders to swallow, particularly in light of the recent turbulence tied to tariff impositions and increasing competition from artificial intelligence (AI) entities vying for dominance in the online search market.

Alphabet generates a substantial portion of its revenue through advertising, and there is a real possibility of slowing growth if the fears surrounding tariffs evolve into an economic recession. However, it is crucial for investors to adopt a long-term perspective. The real question is whether Google Search, YouTube, Android, and Google Cloud can sustain their leading positions across their respective markets.

With its formidable technological capabilities, innovative AI solutions, and a competitive edge thanks to its advanced tensor processing computer chips, Alphabet appears well-equipped to thrive across multiple sectors. Rather than viewing AI as a threat, it should be seen as a tremendous opportunity for Alphabet to leverage and enhance its existing platforms.

Currently, Alphabet's stock is trading at an attractive price-to-earnings (P/E) ratio of 18. In the most recent fiscal year, revenue grew by 15% year-over-year when adjusted for constant currency. Looking ahead, the rapid expansion of Google Cloud and the company’s gains in the digital advertising market position Alphabet to continue growing its revenue at a double-digit rate. Additionally, earnings are expected to rise even more quickly due to expanding profit margins. With the added benefits of dividends and share buybacks, Alphabet looks poised to deliver significant returns to its shareholders over the next decade.

2. Airbnb's Global Opportunity

The second stock worth considering is Airbnb (NASDAQ: ABNB), which presents a simpler narrative compared to Alphabet. Airbnb operates as an online travel marketplace centered around its groundbreaking home-sharing model. This innovative approach continues to drive growth as the company refines its offerings for both hosts and travelers.

In the past year, the Airbnb marketplace generated an impressive $81.8 billion in spending, reflecting a 12% increase year-over-year. The company's revenue trajectory aligns closely with gross booking expenditures due to its take-rate model, where Airbnb earns a percentage of every dollar spent on its platform. Today, Airbnb stands as a highly profitable entity, having reported a net income of $2.6 billion last year, which corresponds to a robust profit margin of 24%.

While maintaining profitability, Airbnb is also heavily investing in expanding into new geographic markets and diversifying its product lines, thereby enhancing its overall marketplace. As it continues to innovate and adapt, Airbnb remains a strong contender in the travel industry, making it a stock to watch closely amidst current market fluctuations.