If you're viewing the current state of the market with mixed emotions, you're not alone. While a turbulent market can provide plenty of opportunities to buy more of the stocks you love at a bargain, it's also tough to see the stocks you own go deeper into the red. 

Right now, more than ever, it's vital to distinguish between volatile share price action and attractive businesses that still have compelling pathways for growth ahead. In other words, make sure you're neither avoiding nor putting money into certain stocks on the basis of the stock's movements alone, but because of a sound and durable thesis tethered to the core business. 

If you have $1,500 to invest right now, here are two excellent businesses to consider. 

1. Johnson & Johnson

Healthcare giant Johnson & Johnson (JNJ -0.22%) hardly needs an introduction. The maker of household brand names like Tylenol, Benadryl, Motrin, Aveeno, Band-Aid, and Listerine has actually beat the market over the last year. 

While the S&P 500 remains down about 17% over the trailing 12 months, shares of Johnson & Johnson have delivered a total return of approximately 4% in that time frame. Over the last five years, the company's total return borders on 40%.  

While Johnson & Johnson isn't a get-rich-quick stock (few are), its steady share appreciation and diverse portfolio of businesses make it an attractive investment for investors seeking well-paced growth and dividends. The Dividend King currently yields 2.7%.  

Late last year, Johnson & Johnson announced that the company would be splitting into two dividend-paying entities. Its consumer products segment will be one stand-alone business, the name of which hasn't yet been announced, while its pharmaceutical and medical device divisions will form another company under the existing Johnson & Johnson name. The split should go into effect within the next year and allow each business to pursue its own growth trajectory, while investors can choose to remain invested in one or both. 

In the most recent quarter, Johnson & Johnson reported overall sales growth of 3% year over year, with operational sales jumping 8% and adjusted earnings per share rising 4.4% from the year-ago period. Of the company's $24 billion in global sales for the three-month period, $13.3 billion were generated from its pharmaceutical segment, while its medical device segment reported $6.9 billion and consumer health $3.8 billion.  

2. Shopify 

One of many beaten-down pandemic darlings, e-commerce platform Shopify (SHOP 0.33%) could still be a compelling buy for investors with the appropriate risk appetite and buy-and-hold horizon.

Does Shopify have room for improvement? Absolutely. While revenue has increased at a three-year compound annual growth rate of 53%, and monthly recurring revenue jumped 13% year over year in the most recent quarter, the company reported a net loss of $1.2 billion in that three-month period. The company has about $7 billion in cash, cash equivalents, and marketable securities on its balance sheet.  

As a shareholder myself, I can attest to the fact that it hasn't been easy to see Shopify experience drastic extremes in share price as shifting consumer and investor sentiment, coupled with a challenging business environment brought on by rampant inflation (among many factors) have seen the stock sink ever lower. 

Why am I still holding on? Because I firmly believe that Shopify is an investment in the future of commerce and what this space will look like -- not just over the next one to two years but over the next five to 15 years. Shopify's platform and tools have an understandable appeal for merchants, as they allow anyone in just about any industry to launch an online and/or brick-and-mortar retail store with relative ease. 

While consumer spending may be facing headwinds now as sky-high inflation and concerns about the economy cause many to tighten their belts, this won't always be the case. According to Statista, retail e-commerce sales are on pace to realize 56% growth between 2021 and 2026, amassing $8 trillion by the end of that five-year period. 

Given its dominance of the e-commerce space (the company boasts a 30% share of all e-commerce websites in the U.S. alone) and the long-term growth trajectory this industry has to offer, I believe this poses a compelling buying proposition for Shopify that remains intact even as the current environment continues to keep the stock down.