2 TSX blue-chip stocks to buy amid market correction: TD & SU

At the close of trading on Tuesday, Canadian stocks were down due to losses in the Energy, Materials, and Financials sectors. The S&P/TSX Composite decreased 1.02 per cent and closed at 18,834.16 points.

It appears that the stock market enthusiasts fear a recession. The stock markets in Canada and the United States have been steadily declining all year.

The prices of various stable companies have been declining rapidly over the past few weeks as market volatility continue to impact investors' sentiments. As the market appears to be in correction territory, long-term investors could look at some declining stocks and wait for them to bounce back.

Here are two stocks that could be worth exploring:

Toronto-Dominion Bank (TSX:TD)

One of the largest banks in Canada, the stock of Toronto-Dominion has declined rapidly. The TD stock has tumbled by 14 per cent year-to-date (YTD) and compared to its 52-week high of C$ 109.08 apiece, the TD stock closed at C$ 83.82 per share on July 5.

Despite a tough year in terms of stock performance, Toronto-Dominion maintained strong financial results, and in Q2 2022, its reported diluted earnings per share jumped to C$ 2.07 from C$ 1.99 in Q2 2021.

Also, the net income increased to C$ 3,811 million compared to C$ 3,695 million in the same period.

TD stock is likely being oversold, evidenced by its relative strength index value of 26.3.

Suncor Energy Inc. (TSX:SU)

At the time of writing, Suncor (TSX:SU) shares were trading at C$ 41.6 per share, down from a recent high of C$ 53.6 apiece. A good 4.3 per cent dividend yield is available to investors who purchase the shares at the current price while they wait for the next anticipated distribution rise.

In Q1 2022, Suncor raised its quarterly dividend by 12 per cent to C$ 0.47 per share. In the first quarter, the energy company's adjusted funds from operations catapulted to C$ 4.094 billion from C$ 2.110 million in Q1 2021.

Notably, the adjusted operating earnings jumped to C$ 2.755 billion from just C$ 746 million in the same period.

Please note, the above content constitutes a very preliminary observation or view based on industry and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.