After logging in the worst May since 2010, Wall Street staged a nice comeback at the start of June primarily on the hopes of monetary easing policies though the U.S.-China trade spat and global growth concerns linger.

Fed Chair Powell, who suspended the three-year monetary policy tightening program this year, last week signaled rate cuts if needed. The latest weak job data has stirred speculation on interest rate cuts. Lower rates would make borrowings cheaper, providing a boost to both investment in new projects and repayment of higher-rate debt. As such, it would lead to strong economic growth and is thus a boon for the stock market.

Additionally, the rally came after President Donald Trump suspended the planned tariffs against Mexico. A slew of mergers and acquisitions is also driving stocks higher this month.

Given the return of bullish trends, nothing seems a better strategy than growth. This is especially true, as growth stocks refer to high-quality stocks that are likely to witness revenue and earnings increase at a faster rate than the industry average. These stocks harness their momentum in earnings to create a positive bias in the market, resulting in rocketing share prices. As such, growth stocks tend to outperform during an uptrend.

However, it is worth noting that these funds offer exposure to stocks with growth characteristics that have comparatively higher P/B, P/S and P/E ratios and exhibit a higher degree of volatility when compared to value stocks.

Given this, we have highlighted five growth ETFs and stocks that have a top Zacks Rank #1 (Strong Buy), suggesting their outperformance.

ETFs to Buy

These ETFs are popular in the growth space, making them extremely liquid.

Invesco QQQ (QQQ - Free Report)

This fund follows the Nasdaq-100 Index and holds a basket of 103 stocks.

AUM: $69.8 billion
Expense Ratio: 0.20%
Average Daily Volume: 41.1 million shares

iShares Russell 1000 Growth ETF (IWF - Free Report)

This ETF follows the Russell 1000 Growth Index and holds 545 stocks in its basket.

AUM: $43.7 billion
Expense Ratio: 0.20%
Average Daily Volume: 2.1 million shares

SPDR Portfolio S&P 500 Growth ETF (SPYG - Free Report)
 
This product follows the S&P 500 Growth Index, holding 295 stocks in its basket.

AUM: $5.1 billion
Expense Ratio: 0.04%
Average Daily Volume: 1.8 million shares

Vanguard Mega Cap Growth ETF (MGK - Free Report)

This ETF offers diversified exposure to the largest growth stocks in the U.S. market by tracking the CRSP US Mega Cap Growth Index.

AUM: $4.2 billion
Expense Ratio: 0.07%
Average Daily Volume: 183,000 shares

Vanguard S&P 500 Growth ETF (VOOG - Free Report)

This fund tracks the S&P 500 Growth Index, holding 295 stocks in its basket.

AUM: $2.6 billion
Expense Ratio: 0.15%
Average Daily Volume: 114,000 shares

Stocks to Buy

Here, in addition to a top Zacks Rank, we have used several other criteria like a Growth Score of A, positive earnings estimate revision for this year, double-digit estimated earnings growth for this year, and a solid Zacks Industry Rank.

Group 1 Automotive Inc. (GPI - Free Report)

This Fortune 500 automotive retailer is a leading operator in the automotive retailing industry. Group 1 has grown to become the third largest dealership group.

Market Cap: $1.4 billion
This Year Estimated Earnings Growth: 14.14%
Zacks Industry Rank: Top 1%

Pilgrim's Pride Corporation (PPC - Free Report)

It is one of the largest chicken companies in the United States, Mexico, and Puerto Rico.

Market Cap: $6.7 billion
This Year Estimated Earnings Growth: 43%
Zacks Industry Rank: Top 2%

Enova International Inc. (ENVA - Free Report)

It is a provider of online financial services that offers loans to customers in the United States and in the United Kingdom, Australia, and Canada.

Market Cap: $781.4 million
This Year Estimated Earnings Growth: 30.6%
Zacks Industry Rank: Top 4%

Third Point Reinsurance Ltd. (TPRE - Free Report)

This property and casualty reinsurance company is engaged in underwriting property, auto, workers compensation and crop quota share contracts for insurance and reinsurance companies.

Market Cap: $973.1 million
This Year Estimated Earnings Growth: 193.3%
Zacks Industry Rank: Top 18%

ADTRAN Inc. (ADTN - Free Report)

It is a leading global provider of networking & communications equipment, with an 18-year history of profitability & a portfolio of more than one thousand four hundred solutions for use in the last mile of today's telecommunications networks.

Market Cap: $790.8 million
This Year Estimated Earnings Growth: 197.1%
Zacks Industry Rank: Top 27%