Weaker US jobs data in July, softer wage growth and a market now expecting gentler interest rate moves has created an unusual mix of worry and opportunity. Some growth stocks could benefit if borrowing stays cheaper for longer, while others may struggle if hiring plans slow. This article walks through 3 stocks exposed to this news and explains how each might fit, or might not fit, in a growth focused portfolio.

The 3 stocks below are just a sample of the idea, with the full screen surfacing 32 more companies with equally compelling growth stories that are not covered here. To go straight to the source and identify your own highest conviction growth plays, analyze the Growth Stocks screener.

Calix (CALX)

Overview: Calix is a broadband technology company that supplies cloud software, Wi-Fi systems and managed services to internet providers, helping them run networks more efficiently and sell extra services such as smart home security, business Wi-Fi and community wide connectivity. Its Calix One and SmartLife platforms sit behind many regional and rural broadband providers, powering subscriber apps, network operations and AI driven customer engagement.

Operations: Calix generates about US$1.1b in revenue from developing, marketing and selling communications access systems and software, with the vast majority from the United States and smaller contributions from Europe and other international markets.

Market Cap: US$2.4b

Calix is positioned at the center of broadband buildouts, especially in rural and regional markets. Recent soft US jobs data has helped pull interest rate expectations lower, which can support long term digital infrastructure spending. Revenue of about US$1.1b and growing software and services sales indicate that more customers are adopting its AI native Calix One platform. However, the stock has lagged the wider US communications sector and still carries a relatively high P/E, so expectations remain demanding. Investors may wish to weigh factors such as rising recurring revenue, product uptake across SmartHome and SmartBiz, analyst growth assumptions, customer concentration, tougher telecom competition and funding costs that could become more important if credit markets tighten again.

Calix’s recurring software story and lagging share price create an interesting tension for growth investors. Before you decide where it fits in your portfolio, review the full analysis report for Calix

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Calix and the other two stocks in this article all surfaced from a single Simply Wall St screen, but your best ideas will often come from filters tailored to you. Use our flexible Screener to mix metrics like growth, valuation and balance sheet strength, or tap into our curated Investing Ideas for ready made starting points.

MercadoLibre (MELI)

Overview: MercadoLibre is a Latin American e-commerce and fintech company that runs the Mercado Libre online marketplace and the Mercado Pago digital payments platform, tying together shopping, payments, credit, logistics and advertising in a single ecosystem across countries such as Brazil, Mexico and Argentina.

Market Cap: US$97.5b

MercadoLibre gives you exposure to Latin America’s shift toward online retail and digital finance at scale, with net revenue recently above US$10b in a quarter, rapid growth in its credit and payments businesses, and an ecosystem that links buyers, sellers and financial services. Analysts expect strong revenue and earnings growth, helped by AI driven improvements in conversion and logistics and by expanding credit and advertising income. However, the stock trades on a high P/E and carries meaningful debt, with margins currently below last year. For growth focused investors, the combination of a powerful platform story, heavy reinvestment and tighter credit risk management could be compelling, especially if you are comfortable with the trade off between high growth potential and elevated financial and competitive risk.

MercadoLibre’s ecosystem is accelerating, but the trade off between high growth, elevated debt and a rich P/E can be easy to underestimate. Get the full story in the 3 key rewards and 2 important warning signs

VTEX (VTEX)

Overview: VTEX runs a cloud based digital commerce platform that helps large retailers and brands build online stores, manage orders across different channels and create their own marketplaces that include third party sellers. It also provides customer support and optional consulting services so clients in sectors such as apparel, electronics and grocery can manage complex ecommerce operations on a single system.

Operations: VTEX generates about US$247 million in revenue from its internet software and services platform for enterprise ecommerce.

Market Cap: US$750 million

VTEX operates at the intersection of ecommerce trends and software subscription revenue, an area some investors may focus on when lower interest rate expectations increase attention on future earnings. The company reported US$64.39 million in Q2 2026 revenue and US$10.04 million in net income, with recent quarters showing stronger profitability and share buybacks supporting per share metrics, even as management now guides to only low single digit subscription growth for 2026. Execution in developed markets, expanding B2B and retail media offerings, and AI driven automation form a potentially attractive long term narrative, while slower near term growth, a high P/E, insider selling and a recent downgrade to Neutral highlight a risk reward profile that may warrant careful consideration.

VTEX’s sharper profitability and slower subscription outlook can point to a very different growth story than many investors assume. See how the analyst forecasts for VTEX lines up with management’s guidance and why one shift could change the picture.

Seeking Fresh Alternatives Before Momentum Flies

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.