I’m Still Buying These Stocks Despite the Economic Slowdown

I’m buying Shopify, Manulife, and Canadian National Railway through the economic slowdown. Here’s why each stock remains on my list.

Key Points
  • Shopify, Manulife Financial, and Canadian National Railway each offer growth, income, and defensive stability despite market volatility or economic slowdowns.
  • Shopify is positioned for growth with its expanding e-commerce platform and reported a strong 34% revenue growth in Q2 2026; Manulife Financial provides income diversification with a strong presence in Asia and a 3.12% dividend yield.
  • Canadian National Railway offers a defensive investment with its vast rail network and consistent dividend growth, making it a reliable choice during freight cycle fluctuations or economic downturns.

Despite the market pulling in double-digit gains so far in 2026, the news headlines can make it tempting to second-guess every purchase. That’s especially true when market volatility makes a slowdown feel possible.

In my case, there are some stocks that I still want to own regardless of how the market is faring. This includes both high-growth, income-producing, and defensive picks that can cater to any portfolio.

Here are the three businesses that I’m looking at buying and adding to, regardless of any economic slowdown.

a person watches a downward arrow crash through the floor

Source: Getty Images

Shopify: Buying through weaker spending

Shopify (TSX: SHOP) is my growth pick. The company is one of the best-known Canadian tech companies of the past decade. Shopify’s e-commerce platform helps merchants sell online, in stores, and across other channels.

And thanks to Shopify’s business model, when merchants grow, Shopify has more opportunities to grow alongside them.

When consumer spending slows, it can impact merchants on Shopify’s platform. As of the time of writing, that growth remains strong. In fact, during the second quarter of 2026, Shopify reported revenue growth of 34%, coupled with an 18% free cash flow margin.

Shopify is in a unique position. Despite its already massive following, there are more merchants looking to use Shopify’s platform. And the business continues to evolve, adding tools for order fulfillment, customer support, analytics, and selling across more channels.

Manulife: Buying for income and diversification

Manulife Financial (TSX: MFC) covers the income role, even during an economic slowdown. The company is one of the largest insurance and wealth management businesses in Canada and globally.

Manulife’s growing exposure to Asia has fueled the company’s impressive growth over the years. That complements Manulife’s established hold in the Canadian market.

In fact, over the trailing five-year period, the stock has returned gains of over 150%. In the most recent quarterly update, Manulife reported core earnings of $1.9 billion, reflecting a 12% increase over the prior year.

Despite that impressive growth, one of the main reasons investors turn to Manulife is for its dividend. The company offers a quarterly dividend that, as of the time of writing, carries a yield of 3.12%.

Manulife isn’t immune from a market pullback, but the company is well-diversified. The combination of its established business, wealth management arm, and a growing dividend makes it one investment I have no problem investing in, even during an economic slowdown.

Canadian National Railway: Buying through the freight cycle

Canadian National Railway (TSX: CNR) rounds out this three-stock portfolio. The railway offers investors a wide defensive moat, a diversified revenue stream and a growing dividend.

Railways move goods across large distances. In the case of Canadian National, the company operates one of the largest rail networks on the continent that connects three coastlines.

That doesn’t make it an exciting business like a fast-growing tech stock, but it does make it a reliable long-term business that’s impossible to replace.

During an economic slowdown, freight demand can weaken. That would ultimately show up in CN’s volumes and weigh on its results. That being said, I’m willing to hold through that kind of cycle because of the sheer necessity of Canadian National’s business.

Another intriguing reason to own Canadian National is its dividend. The railway has provided annual increases to its dividend for three consecutive decades. As of the time of writing, Canadian National offers a yield of 2.14%.

Why I’m buying these stocks despite the economic slowdown

An economic slowdown hits the market in different ways. Each offers a different growth path with some defensive appeal, and in some cases, income-earning potential.

For me, each has a reason to earn a place in a larger, well-diversified portfolio, even with an economic slowdown on the horizon.

Fool contributor Demetris Afxentiou has positions in Canadian National Railway and Shopify. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Canadian National Railway. The Motley Fool has a disclosure policy.

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