There's never a dull moment on Wall Street.

Over the trailing-two-year stretch, Wall Street's three major stock indexes -- the Dow Jones Industrial Average, S&P 500, and Nasdaq Composite -- hit all-time closing highs, subsequently plummeted into a bear market, and have now bounced decisively off of their 2022 bear market lows. However, none of the three indexes are anywhere close to eclipsing their record highs, which means bargains can still be found.

An up-close view of Ulysses S. Grant's portrait on a fifty dollar bill.

Image source: Getty Images.

One of the best things about putting your money to work on Wall Street is that you don't need a huge pile of cash to get started or to continue growing your wealth. Since most online brokerages have done away with commission fees and minimum deposit requirements, any amount of money -- even $50 -- can be the perfect amount to put to work right now.

If you have $50 that's ready to be invested, and you're certain you won't need this money to pay any bills or cover emergency expenses, the following three stocks stand out as no-brainer buys right now.

Bank of America

The first surefire stock that represents a no-brainer buy with $50 is none other than banking giant Bank of America (BAC 1.36%), which is commonly known as "BofA."

The biggest knock against bank stocks is that they're cyclical. In other words, they ebb and flow with the health of the U.S. economy. With multiple economic indicators suggesting the U.S. economy is set to weaken, and the Federal Open Market Committee forecasting a "mild recession" for the second half of this year, the clear concern is that we'll see loan losses rise for money-center banks like BofA.

The thing is, being cyclical is a two-sided coin. Even though recessions represent a normal part of the economic cycle, all 12 recessions following World War II have lasted just two to 18 months. That compares to periods of expansion which commonly go on for multiple years, if not a decade. What makes a company like BofA a winner is its ability to grow its loans during these disproportionately long periods of expansion.

Something else that makes Bank of America special is its interest rate sensitivity. No money-center bank sees its net interest income impacted more from interest rate changes than BofA. With the Federal Reserve undertaking its most-aggressive rate-hiking cycle in decades, Bank of America has seen its net interest income jump by billions of dollars each quarter.  As a reminder, Fed Chair Jay Powell expects additional rate hikes this year.

We're also seeing technological investments pay off for Bank of America. During the March-ended quarter, 68 million more payments were sent with Zelle than a paper check. That compares to 157 million checks written and just 70 million Zelle digital payments in the first quarter of 2020. Additionally, just over half of all sales in Q1 2023 were completed online or via mobile app.  For banks, digital transactions are substantially cheaper than in-person interactions, which leads to higher operating efficiency.

With Bank of America trading below its book value and announcing a dividend increase this past week, it looks ripe for the picking by opportunistic investors

GSK

A second no-brainer stock to buy with $50 right now is pharmaceutical company GSK (GSK 0.38%), which was formerly known as "GlaxoSmithKline."

GSK is currently dealing with two headwinds at once. First, it's contending with difficult year-over-year comparison as sales associated with its COVID-19 solutions dwindle. The other concern is the potential for ongoing litigation regarding the now-discontinued heartburn medication Zantac, which may be connected to higher cancer risk for previous users of the product. While these are both tangible issues that deserve recognition from investors, neither alters GSK's long-term growth trajectory.

To start with, GSK has already made significant headway in the litigation department concerning Zantac. In addition to reaching a confidential deal with a California resident last month, the company saw a class action lawsuit get dismissed in British Columbia in May, as well as witnessed a U.S. District judge toss thousands of claims last December.  While litigation for drug companies represents a short-term overhang, it's not a game changer for the business.

What's far more important for GSK is that its core operating segments are firing on all cylinders. Vaccines continue to be a winner, with shingles vaccine Shingrix leading the way. Sales growth remains in the low single digits for Shingrix on a currency-neutral basis, with the sales expected to easily top $3 billion this year. Then again, don't count out GSK's meningitis product portfolio, which delivered 25% sales growth in the March-ended quarter, sans currency changes. 

GSK's HIV therapeutics and respiratory drugs are its other foundational segments. The company's two-drug HIV regimens and long-acting COPD/asthma line of products helped fuel respective currency-neutral sales growth of 15% and 10% for its HIV and respiratory divisions in the first quarter.

Due to concerns over Zantac litigation, GSK's stock has been beaten down to a forward-year price-to-earnings multiple of around 8. That's historically inexpensive for a steadily growing company that's also doling out a nearly 4% yield.

Two jubilant siblings lying on a rug while watching TV, with their parents seated on a couch in the background.

Image source: Getty Images.

Paramount Global

The third no-brainer stock to confidently buy with $50 right now is media stock Paramount Global (PARA -1.91%).

A quick look at Paramount's five-year chart will have most investors believing they've turned on a horror flick. Shares have been clobbered by growing losses from Paramount's direct-to-consumer (DTC) segment, as well as weaker ad revenue from its traditional TV Media segment. The latter is the result of advertisers anticipating weakness in the U.S. economy. But similar to GSK, neither headwind is a long-term concern.

Just as BofA benefits from disproportionately long periods of economic expansion, so does Paramount. Sustained periods of growth strengthen Paramount's ad-pricing power and buoys its legacy TV Media segment.

But make no mistake about it, this is far more than just an ad revenue story. Despite wider losses from DTC during Q1, Paramount is making moves that should position it for success. Paramount+ reached 60 million subscribers, while Pluto TV hit 80 million monthly active users.  Pluto TV is the United States' No. 1 free, ad-supported platform, which puts it in a unique position to thrive if and when the U.S. economy dips into a recession.

Don't overlook Paramount's film division, either. Last year's blockbuster release of Top Gun: Maverick, which hit nearly $1.5 billion in global sales, put other studios on notice that Paramount was back. Although the operating performance of the film entertainment segment can be lumpy depending on the company's release schedule, there's good reason to believe it's back on track.

In an expanding U.S. economy, Paramount Global is fully capable of $2 (or more) in annual earnings per share. That makes its current share price of $16 and change an absolute bargain.