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Uncertainty was a key theme in the past week as the summer rally seemed to run out of steam.

As tempting as it is to follow the day-to-day movements of the market, investors would be better served to think long term and pick their stocks accordingly.

Here are five stocks chosen by Wall Street's top pros, according to TipRanks, a platform that ranks analysts based on their performance.

Computer technology firm IonQ (IONQ) has progressed significantly through the second quarter of this year, according to a recent research report from Needham analyst Quinn Bolton.

Important contracts, reinforced guidance for the full year, and other key developments were made in the second quarter. (See IonQ Earnings Date & Reports on TipRanks). Earlier this year, IonQ also launched its 32-qubit quantum computer, Aria.

Bolton notes that the company's strong balance sheet "should enable them to reach broad quantum advantage and become a positive cash flow generator without having to raise additional capital." Given the current market conditions and high cost of borrowing, this is good news.

The analyst also believes that the Aria 32-qubit will help IonQ achieve consistent system scaling and revenue bookings. Also, encouraged by the company's competitive edge provided by its trapped ion approach to quantum computing, Bolton believes that IonQ stands to benefit from the increasing popularity of the quantum industry and the growing investments being made to boost it.

Bolton reiterated a buy rating on IonQ with a price target of $9.

Bolton has a No.1 position among more than 8,000 analysts tracked on TipRanks. He has also had 73% success with his ratings, generating an average return of 45.2%.

Cyxtera (CYXT) is a provider of data center colocation and interconnection services for service providers, enterprises and government institutions. The company, like most of its peers in the tech sector, has been suffering from a challenging macro environment.

Moreover, in its recent second-quarter report, Cyxtera lowered its full-year 2022 guidance after factoring in foreign exchange headwinds, macroeconomic setbacks, delays in the implementation of its new Northern California data center and unfavorable timing for certain cost recoveries. (See Cyxtera Blogger Opinions & Sentiment on TipRanks).

However, RBC Capital analyst Jonathan Atkin pointed out a few upsides to the company's growth, which indicates that the CYXT stock can be a compelling buy for the longer-term.

The most important secular growth driver, according to Atkin, is the growing demand for data and connectivity as new technology and associated applications start rolling out. Additionally, the analyst also mentioned "rapid growth in IT outsourcing, data usage, and cloud and hybrid growth as enterprises realize digital transformation goals" as other positive factors.

Although current market conditions and operational environment prompted Atkin to decrease his price target to $14 from $16, he reiterated a buy rating on Cyxtera.

Atkin is currently at No. 11 among approximately 8,000 analysts tracked on the platform. Moreover, 78% of his ratings have been profitable, garnering 15.8% returns per rating on average.

The next on our list is the largest microchip manufacturer in the U.S., GlobalFoundries (GFS). The company recently beat its second-quarter goals, amid concerns of a demand slowdown in the consumer-exposed end markets like smartphones and PCs.

Reiterating a buy rating, Deutsche Bank analyst Ross Seymore explained that its increasing long-term agreement pipeline, focus on expanding its single-source business, growth in profitable unit volume, and meaningfully lower capital risk are expected to lift investor confidence in the stock. (See GlobalFoundries Stock Investors sentiments on TipRanks).

The analyst also raised the price target to $65 from $60 after attending the Analyst Day event held by Global Foundries following the Q2 print. Seymore was encouraged by "the company's ability to weather a macro/sector-specific slowdown while delivering continued increases in profitability driven by ASP growth, new single-sourced DWINs, and disciplined cost & OpEx management."

Seymore's track record gives us a solid reason to trust his research and opinion. At No.4 among more than 8,000 analysts followed on TipRanks, the analyst has a success rate of 80% on his ratings, generating average returns of 25.9%.

Retail chain Walmart's (WMT) recently released quarterly results reflected the resilience that consumers showed amid precarious market conditions. Not only that, operational improvements, continuous scaling of alternative income streams, and an innovative growth strategy are helping Walmart stay afloat.

Following the print, Baird analyst Peter Benedict reinforced a buy rating on the WMT stock and kept the price target at $140. (See Walmart Hedge Fund Trading Activity on TipRanks).

Benedict notes that Walmart's progress in optimizing inventory is a positive. "Looking ahead, additional pricing actions planned for 3Q should help WMT further right-size inventory levels/mix across 2H," the analyst wrote.

Moreover, Benedict also acknowledged the current leadership's efforts to keep Walmart ahead of others in the constantly evolving retail landscape. "CEO Doug McMillon's bold strategy to reshape WMT into a more nimble, fully integrated omni-channel retailer has generated real momentum across the business at a time when many traditional retailers are losing relevancy with consumers," the analyst said.

Benedict holds the No.77 position among around 8,000 analysts tracked on the platform. Moreover, his ratings have been successful 71% of the time, generating average returns of 16.1%.

Continuing our focus on the retail sector, leading home improvement chain Home Depot (HD) is another company that is on the buy list of Peter Benedict. The company also delivered upbeat second-quarter results alongside its peer Walmart.

Benedict believes that the management's unchanged outlook for the second half of this year reflects the possibility that the company expects some protection from any significant change in price-related demands through the rest of this year. (See Home Depot Stock Chart, Price History & Graphs on TipRanks).

The analyst is also confident that the company's strategic investments will bear fruit. "While HD has been realizing benefits from several of its strategic investments (front-end redesign/in-store navigation, merchandising resets, online assortment expansion, faster fulfillment options), momentum should continue to build as HD leverages its ecosystem of capabilities to deliver a seamless (and more personalized) shopping experience," said Benedict.

Reiterating a buy rating on Home Depot and raising the price target to $360 from $335, Benedict anticipates that the strategic investments made by the company last year will bolster its leadership position in the market and lead to share gains.

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Wall Streets top analysts say these are their favorite stocks right now - CNBC