The Nasdaq Composite tumbled 5% from its record high in the past week as investors were hit with worrisome economic data, including the worst consumer sentiment reading in 15 months. However, certain Wall Street analysts still think monster gains are possible in the next year for Arm Holdings (NASDAQ: ARM) and Axon Enterprise (NASDAQ: AXON).

Superstar stock Nvidia is helping to prop up the U.S. market on Thursday, and indexes are rising after a rough run. The S&P 500 was up 0.5% in early trading, coming off a painful stretch where weaker-than-expected reports on the U.